(Mark One) | |||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
FOR THE FISCAL YEAR ENDED | |||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
FOR THE TRANSITION PERIOD FROM TO |
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 | ||||||||||||||
(a | ||||||||||||||
(a | ||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
Registrant | Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||
CenterPoint Energy, Inc. | |||||||||||
CenterPoint Energy Houston Electric, LLC | n/a | ||||||||||
CenterPoint Energy Resources Corp. | n/a | ||||||||||
Securities registered pursuant to Section 12(g) of the Act: | |||||||||||
None |
CenterPoint Energy, Inc. | þ | No o | |||||||||
CenterPoint Energy Houston Electric, LLC | þ | No o | |||||||||
CenterPoint Energy Resources Corp. | þ | No o |
CenterPoint Energy, Inc. | Yes o | þ | ||||||||||||
CenterPoint Energy Houston Electric, LLC | Yes o | þ | ||||||||||||
CenterPoint Energy Resources Corp. | Yes o | þ |
CenterPoint Energy, Inc. | þ | No o | |||||||||
CenterPoint Energy Houston Electric, LLC | þ | No o | |||||||||
CenterPoint Energy Resources Corp. | þ | No o |
CenterPoint Energy, Inc. | þ | No o | |||||||||
CenterPoint Energy Houston Electric, LLC | þ | No o | |||||||||
CenterPoint Energy Resources Corp. | þ | No o |
Accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||||
CenterPoint Energy, Inc. | þ | o | o | ||||||||||||||
CenterPoint Energy Houston Electric, LLC | o | o | þ | ||||||||||||||
CenterPoint Energy Resources Corp. | o | o | þ |
CenterPoint Energy, Inc. | Yes | No þ | |||||||||
CenterPoint Energy Houston Electric, LLC | Yes | No þ | |||||||||
CenterPoint Energy Resources Corp. | Yes | No þ |
CenterPoint Energy, Inc. (using the definition of beneficial ownership contained in Rule 13d-3 promulgated pursuant to Securities Exchange Act of 1934 and excluding shares held by directors and executive officers) | $ | |||||||
CenterPoint Energy Houston Electric, LLC | ||||||||
CenterPoint Energy Resources Corp. |
CenterPoint Energy, Inc. | shares of common stock outstanding, excluding 166 shares held as treasury stock | |||||||
CenterPoint Energy Houston Electric, LLC | common shares outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc. | |||||||
CenterPoint Energy Resources Corp. | shares of common stock outstanding, all held by Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy, Inc. |
PART I | ||||||||||||||
Page | ||||||||||||||
Item 1. | Business | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 1B. | Unresolved Staff Comments | |||||||||||||
Item 2. | Properties | |||||||||||||
Item 3. | Legal Proceedings | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
PART II | ||||||||||||||
Item 5. | Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||||||||
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 | |||||||||||||
Item 8. | Financial Statements and Supplementary Data | |||||||||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |||||||||||||
Item 9A. | Controls and Procedures | |||||||||||||
Item 9B. | Other Information | |||||||||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||||||||||
PART III | ||||||||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | |||||||||||||
Item 11. | Executive Compensation | |||||||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |||||||||||||
Item 14. | Principal Accounting Fees and Services | |||||||||||||
PART IV | ||||||||||||||
Item 15. | Exhibits and Financial Statement Schedules | |||||||||||||
Item 16. | Form 10-K Summary |
GLOSSARY | ||||||||
ACE | Affordable Clean Energy | |||||||
AFUDC | Allowance for funds used during construction | |||||||
AGC | Alcoa Generating Corporation, a subsidiary of Alcoa, Inc. | |||||||
AMAs | Asset Management Agreements | |||||||
AMI | Advanced Metering Infrastructure | |||||||
AMS | Advanced Metering System | |||||||
APSC | Arkansas Public Service Commission | |||||||
ARO | Asset retirement obligation | |||||||
ARP | Alternative revenue program | |||||||
ASC | Accounting Standards Codification | |||||||
Asset Purchase Agreement | Asset Purchase Agreement, dated as of April 29, 2021, by and between CERC Corp. and Southern Col Midco, LLC, a Delaware limited liability company and an affiliate of Summit Utilities, Inc. | |||||||
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 located in the counties of Brazoria, Matagorda and Wharton | |||||||
Bcf | Billion cubic feet | |||||||
Bond Companies | Bond Company IV and Restoration Bond Company, each a wholly-owned, bankruptcy remote entity formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds | |||||||
Bond Company IV | CenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston Electric | |||||||
BTA | Build Transfer Agreement | |||||||
Capital Dynamics | Capital Dynamics, Inc., a Delaware corporation | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CCR | Coal Combustion Residuals | |||||||
CECA | Clean Energy Cost Adjustment | |||||||
CEIP | CenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp. | |||||||
CenterPoint Energy | CenterPoint Energy, Inc., and its subsidiaries | |||||||
CERC Corp. | CenterPoint Energy Resources Corp. | |||||||
CERC | CERC Corp., together with its subsidiaries | |||||||
CERCLA | Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended | |||||||
CES | CenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-owned subsidiary of CERC Corp. until its divestiture on June 1, 2020 | |||||||
Charter Common | Charter Communications, Inc. common stock | |||||||
CIP | Conservation Improvement Program | |||||||
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, who is each Registrant’s Chief Operating Executive | |||||||
Common Stock | CenterPoint Energy, Inc. common stock, par value $0.01 per share | |||||||
Compensation Committee | Compensation Committee of the Board of Directors of CenterPoint Energy | |||||||
COVID-19 | Novel coronavirus disease 2019, and any mutations or variants thereof, and related global outbreak that was subsequently declared a pandemic by the World Health Organization | |||||||
COVID-19 ERP | COVID-19 Electricity Relief Program | |||||||
CPP | Clean Power Plan | |||||||
CSIA | Compliance and System Improvement Adjustment | |||||||
DCRF | Distribution Cost Recovery Factor | |||||||
GLOSSARY | ||||||||
DOT | U.S. Department of Transportation | |||||||
DRR | Distribution Replacement Rider | |||||||
DSMA | Demand Side Management Adjustment | |||||||
Dth | Dekatherms | |||||||
EBITDA | Earnings before income taxes, depreciation and amortization | |||||||
ECA | Environmental Cost Adjustment | |||||||
EDF Renewables | EDF Renewables Development, Inc. | |||||||
EDIT | Excess deferred income taxes | |||||||
EECR | Energy Efficiency Cost Recovery | |||||||
EECRF | Energy Efficiency Cost Recovery Factor | |||||||
EEFC | Energy Efficiency Funding Component | |||||||
EEFR | Energy Efficiency Funding Rider | |||||||
ELG | Effluent Limitation Guidelines | |||||||
Elk GP Merger Sub | Elk GP Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer | |||||||
Elk Merger Sub | Elk Merger Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Energy Transfer | |||||||
Enable | Enable Midstream Partners, LP | |||||||
Enable Common Units | Enable common units, representing limited partnership interests in Enable | |||||||
Enable GP | Enable GP, LLC, a Delaware limited liability company and the general partner of Enable | |||||||
Enable Merger | The merger of Elk Merger Sub with and into Enable and the merger of Elk GP Merger Sub with and into Enable GP, in each case on the terms and subject to the conditions set forth in the Enable Merger Agreement, with Enable and Enable GP surviving as wholly-owned subsidiaries of Energy Transfer, which closed on December 2, 2021 | |||||||
Enable Merger Agreement | Agreement and Plan of Merger by and among Energy Transfer, Elk Merger Sub, Elk GP Merger Sub, Enable, Enable GP and, solely for the purposes of Section 2.1(a)(i) therein, Energy Transfer GP, and solely for the purposes of Section 1.1(b)(i) therein, CenterPoint Energy | |||||||
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 | Offered competitive variable and fixed-priced physical natural gas supplies primarily to commercial and industrial customers and electric and natural gas utilities through CES and CEIP | |||||||
Energy Services Disposal Group | Substantially all of the businesses within CenterPoint Energy’s and CERC’s Energy Services reporting unit that were sold under the Equity Purchase Agreement | |||||||
Energy Systems Group | Energy Systems Group, LLC, a wholly-owned subsidiary of Vectren | |||||||
Energy Transfer | Energy Transfer LP, a Delaware limited partnership | |||||||
Energy Transfer Common Units | Energy Transfer common units, representing limited partner interests in Energy Transfer | |||||||
Energy Transfer GP | LE GP, LLC, a Delaware limited liability company and sole general partner of Energy Transfer | |||||||
Energy Transfer Series G Preferred Units | Energy Transfer Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units, representing limited partner interests in Energy Transfer | |||||||
EPA | Environmental Protection Agency | |||||||
Equity Purchase Agreement | Equity Purchase Agreement, dated as of February 24, 2020, by and between CERC Corp. and Symmetry Energy Solutions Acquisition (f/k/a Athena Energy Services Buyer, LLC) | |||||||
ERCOT | Electric Reliability Council of Texas | |||||||
ERCOT ISO | ERCOT Independent System Operator | |||||||
ERISA | Employee Retirement Income Security Act of 1974 | |||||||
ERO | Electric Reliability Organization | |||||||
ESPC | Energy Savings Performance Contracting | |||||||
FAC | Fuel Adjustment Clause | |||||||
February 2021 Winter Storm Event | The extreme and unprecedented winter weather event in February 2021 resulting in electricity generation supply shortages, including in Texas, and natural gas supply shortages and increased wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures. | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
GLOSSARY | ||||||||
First Amendment | First Amendment to the Change in Control Plan, effective March 1, 2021 | |||||||
Fitch | Fitch Ratings, Inc. | |||||||
Form 10-K | Annual Report on Form 10-K | |||||||
Forward Sale Agreement | Contingent forward sale agreement for 50 million Energy Transfer Common Units, dated September 21, 2021, by and between CNP Midstream and an investment banking financial institution | |||||||
FPA | Federal Power Act | |||||||
FRP | Formula Rate Plan | |||||||
GHG | Greenhouse gases | |||||||
GRIP | Gas Reliability Infrastructure Program | |||||||
GWh | Gigawatt-hours | |||||||
HLPSA | Hazardous Liquid Pipeline Safety Act of 1979 | |||||||
Houston Electric | CenterPoint Energy Houston Electric, LLC and its subsidiaries | |||||||
HVAC | Heating, ventilation and air conditioning | |||||||
IBEW | International Brotherhood of Electrical Workers | |||||||
ICPA | Inter-Company Power Agreement | |||||||
IDEM | Indiana Department of Environmental Management | |||||||
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 | |||||||
Indiana North | Gas operations of Indiana Gas | |||||||
Indiana South | Gas operations of SIGECO | |||||||
Indiana Utilities | Indiana Electric, Indiana North and Indiana South, collectively | |||||||
Infrastructure Services | Provided underground pipeline construction and repair services through VISCO and its wholly-owned subsidiaries, Miller Pipeline, LLC and Minnesota Limited, LLC | |||||||
Infrastructure Services Disposal Group | Businesses within the 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 | |||||||
LDC | Local Distribution Company | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LNG | Liquefied natural gas | |||||||
Load Shed | Curtailing the amount of electricity a TDU can transmit and distribute to its customers | |||||||
LPSC | Louisiana Public Service Commission | |||||||
LTIPs | Long-term incentive plans | |||||||
MCRA | MISO Cost and Revenue Adjustment | |||||||
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 the Merger Date | |||||||
Merger Agreement | Agreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub | |||||||
Merger Date | February 1, 2019 | |||||||
Merger Sub | Pacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy | |||||||
MES | CenterPoint Energy Mobile Energy Solutions, Inc. (now known as Mobile Energy Solutions, Inc.), previously a wholly-owned subsidiary of CERC Corp. | |||||||
MGP | Manufactured gas plant | |||||||
MISO | Midcontinent Independent System Operator |
GLOSSARY | ||||||||
MLP | Master Limited Partnership | |||||||
MMcf | Million cubic feet | |||||||
Moody’s | Moody’s Investors Service, Inc. | |||||||
MPSC | Mississippi Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
Mva | Megavolt amperes | |||||||
MW | Megawatts | |||||||
Natural Gas | Natural gas distribution businesses | |||||||
NECA | National Electrical Contractors Association | |||||||
NERC | North American Electric Reliability Corporation | |||||||
NGA | Natural Gas Act of 1938 | |||||||
NGLs | Natural gas liquids | |||||||
NGPA | Natural Gas Policy Act of 1978 | |||||||
NGPSA | Natural Gas Pipeline Safety Act of 1968 | |||||||
NOLs | Net operating losses | |||||||
NRG | NRG Energy, Inc. | |||||||
NYSE | New York Stock Exchange | |||||||
OCC | Oklahoma Corporation Commission | |||||||
OGE | OGE Energy Corp. | |||||||
OPEIU | Office & Professional Employees International Union | |||||||
OVEC | Ohio Valley Electric Corporation | |||||||
PBRC | Performance Based Rate Change | |||||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | |||||||
Pipes Act | Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2020 | |||||||
Posey Solar | Posey Solar, LLC, a Delaware limited liability company | |||||||
PowerTeam Services | PowerTeam Services, LLC, a Delaware limited liability company, now known as Artera Services, LLC | |||||||
PPA | Power purchase agreement | |||||||
PRPs | Potentially responsible parties | |||||||
PUCO | Public Utilities Commission of Ohio | |||||||
PUCT | Public Utility Commission of Texas | |||||||
Railroad Commission | Railroad Commission of Texas | |||||||
RCRA | Resource Conservation and Recovery Act of 1976 | |||||||
RCRA Mechanism | Reliability Cost and Revenue Adjustment mechanism | |||||||
READY | CenterPoint Energy’s serious injury and fatality prevention model. READY stands for Recognize, Evaluate, Anticipate, Define, Yes | |||||||
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 | |||||||
ROE | Return on equity | |||||||
ROU | Right of use | |||||||
RRA | Rate Regulation Adjustment | |||||||
RSP | Rate Stabilization Plan | |||||||
Scope 1 emissions | Direct source of emissions from a company’s operations | |||||||
Scope 2 emissions | Indirect source of emissions from a company’s energy usage | |||||||
Scope 3 emissions | Indirect source of emissions from a company’s end-users | |||||||
SEC | Securities and Exchange Commission | |||||||
GLOSSARY | ||||||||
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 | |||||||
Series C Preferred Stock | CenterPoint Energy’s Series C 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 | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
S&P | S&P Global Ratings, a division of S&P Global Inc. | |||||||
SRC | Sales Reconciliation Component | |||||||
Symmetry Energy Solutions Acquisition | Symmetry Energy Solutions Acquisition, LLC, a Delaware limited liability company (f/k/a Athena Energy Services Buyer, LLC) and subsidiary of Energy Capital Partners, LLC | |||||||
TBD | To be determined | |||||||
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 | |||||||
TDU | Transmission and distribution utility | |||||||
Tenaska | Tenaska Wind Holdings, LLC | |||||||
Texas RE | Texas Reliability Entity | |||||||
TOB | Tariffed On Bill | |||||||
TSA | Transportation Security Administration | |||||||
UESC | Utility Energy Services Contract | |||||||
USW | United Steelworkers Union | |||||||
Utility Holding | Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy | |||||||
VCC | Vectren Capital Corp., a wholly-owned subsidiary of Vectren | |||||||
Vectren | Vectren Corporation, a wholly-owned subsidiary of CenterPoint Energy as of the Merger Date | |||||||
VEDO | Vectren Energy Delivery of Ohio, Inc., a wholly-owned subsidiary of Vectren | |||||||
VIE | Variable interest entity | |||||||
VISCO | Vectren Infrastructure Services Corporation, formerly a wholly-owned subsidiary of Vectren | |||||||
Vistra Energy Corp. | Texas-based energy company focused on the competitive energy and power generation markets, whose major subsidiaries include Luminant and TXU Energy | |||||||
VRP | Voluntary Remediation Program | |||||||
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, 2021 and 2020, consisted of AT&T Common and Charter Common | |||||||
2020 Form 10-K | Annual Report on Form 10-K for the fiscal year ended December 31, 2020 |
Residential | Commercial/ Industrial | Total Customers | |||||||||||||||
Texas gulf coast | 2,359,168 | 301,770 | 2,660,938 |
Residential | Commercial/Industrial | Total Customers | |||||||||||||||
Southwestern Indiana | 131,125 | 19,257 | 150,382 |
2021 | |||||
Total load at peak | 1,003 | ||||
Generating capability | 1,217 | ||||
Purchase supply (effective capacity) | 38 | ||||
Interruptible contracts & direct load control | 36 | ||||
Total power supply capacity | 1,291 | ||||
Reserve margin at peak | 29 | % |
Residential | Commercial/ Industrial/Transportation | Total Customers | |||||||||||||||
Arkansas | 376,934 | 47,663 | 424,597 | ||||||||||||||
Louisiana | 230,362 | 16,183 | 246,545 | ||||||||||||||
Minnesota | 829,869 | 71,679 | 901,548 | ||||||||||||||
Mississippi | 120,993 | 13,029 | 134,022 | ||||||||||||||
Oklahoma | 88,787 | 10,655 | 99,442 | ||||||||||||||
Texas | 1,736,874 | 105,634 | 1,842,508 | ||||||||||||||
Total CERC Natural Gas | 3,383,819 | 264,843 | 3,648,662 | ||||||||||||||
Indiana | 683,412 | 65,234 | 748,646 | ||||||||||||||
Ohio | 305,197 | 24,525 | 329,722 | ||||||||||||||
Total CenterPoint Energy Natural Gas | 4,372,428 | 354,602 | 4,727,030 |
No. of Assets | Storage Capacity (Bcf) | Working Capacity (Bcf) | Maximum Daily Withdrawal Rate (MMcf) | ||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||
Underground Natural Gas Storage Facility | 9 | 43.6 | 14.2 | 337 | |||||||||||||||||||
CERC | |||||||||||||||||||||||
Underground Natural Gas Storage Facility | 1 | 7.0 | 2.0 | 50 |
On-site Storage Capacity | |||||||||||||||||||||||
No. of Assets | Daily Production Rate (Dth) | Millions of Gallons | Dth | ||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||
Propane Air-Gas Manufacturing Plant | 15 | 258,000 | 13.9 | 1,277,000 | |||||||||||||||||||
LNG Plant Facility | 1 | 72,000 | 12.0 | 1,000,000 | |||||||||||||||||||
CERC | |||||||||||||||||||||||
Propane Air-Gas Manufacturing Plant | 12 | 225,000 | 12.4 | 1,140,000 | |||||||||||||||||||
LNG Plant Facility | 1 | 72,000 | 12.0 | 1,000,000 |
Storage Capacity (Bcf) | Maximum Peak Daily Delivery (MMcf) | |||||||||||||
CenterPoint Energy | ||||||||||||||
Upstream Storage Service | 115 | 2,744 | ||||||||||||
CERC | ||||||||||||||
Upstream Storage Service | 92 | 2,298 | ||||||||||||
Number of Employees | Number of Employees Represented by Collective Bargaining Groups | |||||||||||||||||||||||||||||||||||||
Reportable Segment | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||||
Electric | 3,201 | 2,694 | — | 1,675 | 1,442 | — | ||||||||||||||||||||||||||||||||
Natural Gas | 4,141 | — | 3,465 | 1,717 | — | 1,274 | ||||||||||||||||||||||||||||||||
Corporate and Other (1) | 2,076 | — | — | 91 | — | — | ||||||||||||||||||||||||||||||||
Total | 9,418 | 2,694 | 3,465 | 3,483 | 1,442 | 1,274 |
Name | Age | Title | ||||||||||||
David J. Lesar | 68 | President and Chief Executive Officer | ||||||||||||
Jason P. Wells | 44 | Executive Vice President and Chief Financial Officer | ||||||||||||
Scott E. Doyle | 50 | Executive Vice President, Utility Operations | ||||||||||||
Gregory E. Knight | 54 | Executive Vice President, Customer Transformation and Business Services | ||||||||||||
Lynne Harkel-Rumford | 65 | Executive Vice President and Chief Human Resources Officer | ||||||||||||
Monica Karuturi | 43 | Executive Vice President and General Counsel | ||||||||||||
Jason M. Ryan | 46 | Executive Vice President, Regulatory Services and Government Affairs |
Houston Electric | Indiana Electric | |||||||||||||||||||||||||
Description | Overhead Lines | Underground Lines | Indiana | Kentucky (1) | ||||||||||||||||||||||
Transmission lines: | (in Circuit Miles) | |||||||||||||||||||||||||
69 kV | 216 | 2 | 564 | — | ||||||||||||||||||||||
138 kV | 2,260 | 24 | 411 | 9 | ||||||||||||||||||||||
345 kV | 1,445 | — | 63 | 15 | ||||||||||||||||||||||
Total | 3,921 | 26 | 1,038 | 24 | ||||||||||||||||||||||
(in Circuit Miles) | ||||||||||||||||||||||||||
Distribution lines | 29,753 | 27,172 | 4,614 | 2,546 |
Generation Source | Unit No. | Location | Date in Service | Capacity (MW) | ||||||||||||||||||||||
Coal | ||||||||||||||||||||||||||
A.B. Brown | 1 | Posey County | 1979 | 245 | ||||||||||||||||||||||
A.B. Brown | 2 | Posey County | 1986 | 245 | ||||||||||||||||||||||
F.B. Culley | 2 | Warrick County | 1966 | 90 | ||||||||||||||||||||||
F.B. Culley | 3 | Warrick County | 1973 | 270 | ||||||||||||||||||||||
Warrick (1) | 4 | Warrick County | 1970 | 150 | ||||||||||||||||||||||
Total Coal Capacity | 1,000 | |||||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Brown (2) | 3 | Posey County | 1991 | 80 | ||||||||||||||||||||||
Brown | 4 | Posey County | 2002 | 80 | ||||||||||||||||||||||
Renewable Landfill Gas | Pike County | 2009 | 3 | |||||||||||||||||||||||
Total Gas Capacity | 163 | |||||||||||||||||||||||||
Solar | ||||||||||||||||||||||||||
Oak Hill | Evansville, Indiana | 2018 | 2 | |||||||||||||||||||||||
Volkman | Evansville, Indiana | 2018 | 2 | |||||||||||||||||||||||
Troy | Spencer County | 2021 | 50 | |||||||||||||||||||||||
Total Solar Capacity | 54 | |||||||||||||||||||||||||
Total Generating Capacity (3) | 1,217 |
Year Ended December 31, | Favorable (Unfavorable) | |||||||||||||||||||||||||||||||
2021 | 2020 | 2019 (1) | 2021 to 2020 | 2020 to 2019 | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Electric | $ | 475 | $ | 230 | $ | 419 | $ | 245 | $ | (189) | ||||||||||||||||||||||
Natural Gas | 403 | 278 | 251 | 125 | 27 | |||||||||||||||||||||||||||
Total Utility Operations | 878 | 508 | 670 | 370 | (162) | |||||||||||||||||||||||||||
Corporate & Other (2) | (305) | (201) | (272) | (104) | 71 | |||||||||||||||||||||||||||
Discontinued Operations | 818 | (1,256) | 276 | 2,074 | (1,532) | |||||||||||||||||||||||||||
Total CenterPoint Energy | $ | 1,391 | $ | (949) | $ | 674 | $ | 2,340 | $ | (1,623) |
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 (1) | 2021 to 2020 | 2020 to 2019 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 3,763 | $ | 3,470 | $ | 3,519 | $ | 293 | $ | (49) | |||||||||||||||||||
Cost of revenues (2) | 186 | 147 | 149 | (39) | 2 | ||||||||||||||||||||||||
Revenues less cost of revenues | 3,577 | 3,323 | 3,370 | 254 | (47) | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 1,780 | 1,697 | 1,649 | (83) | (48) | ||||||||||||||||||||||||
Depreciation and amortization | 756 | 670 | 746 | (86) | 76 | ||||||||||||||||||||||||
Taxes other than income taxes | 268 | 268 | 261 | — | (7) | ||||||||||||||||||||||||
Goodwill Impairment (3) | — | 185 | — | 185 | (185) | ||||||||||||||||||||||||
Total expenses | 2,804 | 2,820 | 2,656 | 16 | (164) | ||||||||||||||||||||||||
Operating Income | 773 | 503 | 714 | 270 | (211) | ||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||
Interest and other finance charges | (226) | (220) | (225) | (6) | 5 | ||||||||||||||||||||||||
Other income (expense), net | 23 | 19 | 26 | 4 | (7) | ||||||||||||||||||||||||
Income before income taxes | 570 | 302 | 515 | 268 | (213) | ||||||||||||||||||||||||
Income tax expense | 95 | 72 | 96 | (23) | 24 | ||||||||||||||||||||||||
Net income | $ | 475 | $ | 230 | $ | 419 | $ | 245 | $ | (189) | |||||||||||||||||||
Throughput (in GWh): | |||||||||||||||||||||||||||||
Residential | 32,067 | 32,630 | 31,605 | (2) | % | 3 | % | ||||||||||||||||||||||
Total | 103,000 | 98,647 | 96,866 | 4 | % | 2 | % | ||||||||||||||||||||||
Weather (percentage of normal weather for service area): | |||||||||||||||||||||||||||||
Cooling degree days | 108 | % | 109 | % | 109 | % | (1) | % | — | % | |||||||||||||||||||
Heating degree days | 82 | % | 76 | % | 96 | % | 6 | % | (20) | % | |||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||
Residential | 2,493,832 | 2,433,474 | 2,372,135 | 2 | % | 3 | % | ||||||||||||||||||||||
Total | 2,814,859 | 2,749,116 | 2,682,228 | 2 | % | 2 | % |
Favorable (Unfavorable) | ||||||||||||||
2021 to 2020 | 2020 to 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Transmission Revenues, including TCOS and TCRF and impact of the change in rate design, inclusive of costs billed by transmission providers, partially offset in operation and maintenance below | $ | 254 | $ | 363 | ||||||||||
Bond Companies, offset in other line items below | 52 | (124) | ||||||||||||
Customer growth | 32 | 37 | ||||||||||||
Impacts on usage from COVID-19 | 28 | (40) | ||||||||||||
Energy efficiency, partially offset in operation and maintenance below | 12 | 5 | ||||||||||||
Equity return, related to the annual true-up of transition charges for amounts over or under collected in prior periods | 9 | (14) | ||||||||||||
Impacts from increased peak demand in the prior year, collected in rates in the current year | 6 | 19 | ||||||||||||
Miscellaneous revenues, primarily related to service connections and off-system sales | 4 | 11 | ||||||||||||
Pass-through revenues, offset in operation and maintenance below | 2 | 2 | ||||||||||||
AMS, offset in depreciation and amortization below | — | (3) | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 for Indiana Electric due to Merger | — | 34 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (8) | (31) | ||||||||||||
Weather, efficiency improvements and other usage impacts, excluding impact of COVID-19 | (57) | (17) | ||||||||||||
Customer rates and impact of the change in rate design | (80) | (289) | ||||||||||||
Total | $ | 254 | $ | (47) | ||||||||||
Operation and maintenance | ||||||||||||||
Transmission costs billed by transmission providers, offset in revenues less cost of revenues above | $ | (90) | $ | (61) | ||||||||||
All other operation and maintenance expense, including materials and supplies and insurance | (8) | 14 | ||||||||||||
Pass through expenses, offset in revenues less cost of revenues above | (3) | (2) | ||||||||||||
Bond Companies, offset in other line items | (1) | 1 | ||||||||||||
Energy efficiency program costs | (1) | — | ||||||||||||
Contract services | — | 12 | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 for Indiana Electric due to Merger | — | (17) | ||||||||||||
Support services | 1 | (13) | ||||||||||||
Labor and benefits | 9 | (2) | ||||||||||||
Merger related expenses, primarily severance and technology | 10 | 20 | ||||||||||||
Total | $ | (83) | $ | (48) | ||||||||||
Depreciation and amortization | ||||||||||||||
Bond Companies, offset in other line items | $ | (58) | $ | 116 | ||||||||||
Ongoing additions to plant-in-service | (28) | (31) | ||||||||||||
AMS, offset by revenues less cost of revenues above | — | (1) | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 for Indiana Electric due to Merger | — | (8) | ||||||||||||
Total | $ | (86) | $ | 76 | ||||||||||
Taxes other than income taxes | ||||||||||||||
Incremental capital projects placed in service | $ | (2) | $ | (4) | ||||||||||
Twelve months in 2020 versus eleven months in 2019 for Indiana Electric | — | (1) | ||||||||||||
Franchise fees and other taxes | 2 | (2) | ||||||||||||
Total | $ | — | $ | (7) | ||||||||||
Goodwill impairment | ||||||||||||||
See Note 6 for further information | $ | 185 | $ | (185) | ||||||||||
Total | $ | 185 | $ | (185) | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects, and refinance maturing debt | $ | (13) | $ | (5) | ||||||||||
Twelve months in 2020 versus eleven months in 2019 for Indiana Electric due to Merger | — | (2) | ||||||||||||
Bond Companies, offset in other line items above | 7 | 12 | ||||||||||||
Total | $ | (6) | $ | 5 | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 5 | $ | 17 | ||||||||||
Bond Companies, offset in other line items above | — | (4) | ||||||||||||
Investments in CenterPoint Energy Money Pool interest income | (1) | (20) | ||||||||||||
Total | $ | 4 | $ | (7) |
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 (1) | 2021 to 2020 | 2020 to 2019 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 4,336 | $ | 3,631 | $ | 3,750 | $ | 705 | $ | (119) | |||||||||||||||||||
Cost of revenues (2) | 1,959 | 1,358 | 1,652 | (601) | 294 | ||||||||||||||||||||||||
Revenues less Cost of revenues | 2,377 | 2,273 | 2,098 | 104 | 175 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 1,004 | 1,013 | 1,051 | 9 | 38 | ||||||||||||||||||||||||
Depreciation and amortization | 502 | 473 | 439 | (29) | (34) | ||||||||||||||||||||||||
Taxes other than income taxes | 253 | 237 | 206 | (16) | (31) | ||||||||||||||||||||||||
Total expenses | 1,759 | 1,723 | 1,696 | (36) | (27) | ||||||||||||||||||||||||
Operating Income | 618 | 550 | 402 | 68 | 148 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Gain on sale | 8 | — | — | 8 | — | ||||||||||||||||||||||||
Interest expense and other finance charges | (141) | (153) | (144) | 12 | (9) | ||||||||||||||||||||||||
Other income (expense), net | (2) | 6 | (5) | (8) | 11 | ||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 483 | 403 | 253 | 80 | 150 | ||||||||||||||||||||||||
Income tax expense | 80 | 125 | 2 | 45 | (123) | ||||||||||||||||||||||||
Net Income | $ | 403 | $ | 278 | $ | 251 | $ | 125 | $ | 27 | |||||||||||||||||||
Throughput (in Bcf): | |||||||||||||||||||||||||||||
Residential | 241 | 237 | 246 | 2 | % | (4) | % | ||||||||||||||||||||||
Commercial and industrial | 428 | 439 | 458 | (3) | % | (4) | % | ||||||||||||||||||||||
Total Throughput | 669 | 676 | 704 | (1) | % | (4) | % | ||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||
Heating degree days | 91 | % | 91 | % | 101 | % | — | % | (10) | % | |||||||||||||||||||
Number of customers at end of period: | |||||||||||||||||||||||||||||
Residential | 4,372,428 | 4,328,607 | 4,252,361 | 1 | % | 2 | % | ||||||||||||||||||||||
Commercial and industrial | 354,602 | 349,725 | 349,749 | 1 | % | — | % | ||||||||||||||||||||||
Total | 4,727,030 | 4,678,332 | 4,602,110 | 1 | % | 2 | % |
Favorable (Unfavorable) | ||||||||||||||
2021 to 2020 | 2020 to 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Customer rates and impact of the change in rate design, exclusive of the TCJA impact below | $ | 65 | $ | 108 | ||||||||||
Impacts of COVID-19, including usage and other miscellaneous charges | 16 | (25) | ||||||||||||
Customer growth | 13 | 20 | ||||||||||||
Gross receipts tax, offset in taxes other than income taxes below | 13 | (6) | ||||||||||||
Weather and usage, excluding impacts from COVID-19 | 12 | 4 | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | — | 65 | ||||||||||||
Non-volumetric and miscellaneous revenue, excluding impacts from COVID-19 | — | 15 | ||||||||||||
Energy efficiency, offset in operation and maintenance below | (7) | (1) | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (8) | (5) | ||||||||||||
Total | $ | 104 | $ | 175 | ||||||||||
Operation and maintenance | ||||||||||||||
Support services and miscellaneous operations and maintenance expenses | $ | 16 | $ | (8) | ||||||||||
Merger related expenses, primarily severance and technology | 8 | 40 | ||||||||||||
Energy efficiency, offset in revenues less cost of revenues above | 7 | 1 | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | — | (14) | ||||||||||||
Contract services | (3) | 20 | ||||||||||||
Labor and benefits, primarily due to headcount | (19) | (1) | ||||||||||||
Total | $ | 9 | $ | 38 | ||||||||||
Depreciation and amortization | ||||||||||||||
Incremental capital projects placed in service | $ | (29) | $ | (23) | ||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | — | (11) | ||||||||||||
Total | $ | (29) | $ | (34) | ||||||||||
Taxes other than income taxes | ||||||||||||||
Gross receipts tax, offset in revenues less cost of revenues above | $ | (13) | $ | 6 | ||||||||||
Incremental capital projects placed in service | (3) | (31) | ||||||||||||
Twelve months in 2020 versus eleven months in 2019 in Indiana and Ohio jurisdictions | — | (6) | ||||||||||||
Total | $ | (16) | $ | (31) | ||||||||||
Gain on Sale | ||||||||||||||
Net gain on sale of MES | $ | 8 | $ | — | ||||||||||
Total | $ | 8 | $ | — | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Reduced interest rates on outstanding borrowings, partially offset by incremental borrowings for capital expenditures and make-whole premium | $ | 12 | $ | (9) | ||||||||||
Total | $ | 12 | $ | (9) | ||||||||||
Other income (expense), net | ||||||||||||||
Other miscellaneous non-operating expenses, primarily due to non-service benefit cost | $ | (10) | $ | 9 | ||||||||||
Money pool investments with CenterPoint Energy interest income | 2 | 2 | ||||||||||||
Total | (8) | 11 |
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 to 2020 | 2020 to 2019 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
TDU | $ | 2,894 | $ | 2,723 | $ | 2,678 | $ | 171 | $ | 45 | |||||||||||||||||||
Bond Companies | 240 | 188 | 312 | 52 | (124) | ||||||||||||||||||||||||
Total revenues | 3,134 | 2,911 | 2,990 | 223 | (79) | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance, excluding Bond Companies | 1,591 | 1,517 | 1,470 | (74) | (47) | ||||||||||||||||||||||||
Depreciation and amortization, excluding Bond Companies | 429 | 405 | 377 | (24) | (28) | ||||||||||||||||||||||||
Taxes other than income taxes | 251 | 252 | 247 | 1 | (5) | ||||||||||||||||||||||||
Bond Companies | 219 | 161 | 278 | (58) | 117 | ||||||||||||||||||||||||
Total | 2,490 | 2,335 | 2,372 | (155) | 37 | ||||||||||||||||||||||||
Operating Income | 644 | 576 | 618 | 68 | (42) | ||||||||||||||||||||||||
Interest expense and other finance charges | (183) | (171) | (164) | (12) | (7) | ||||||||||||||||||||||||
Interest expense on Securitization Bonds | (21) | (28) | (39) | 7 | 11 | ||||||||||||||||||||||||
Other income, net | 17 | 10 | 21 | 7 | (11) | ||||||||||||||||||||||||
Income before income taxes | 457 | 387 | 436 | 70 | (49) | ||||||||||||||||||||||||
Income tax expense | 76 | 53 | 80 | (23) | 27 | ||||||||||||||||||||||||
Net income | $ | 381 | $ | 334 | $ | 356 | $ | 47 | $ | (22) | |||||||||||||||||||
Throughput (in GWh): | |||||||||||||||||||||||||||||
Residential | 30,650 | 31,244 | 30,334 | (2) | % | 3 | % | ||||||||||||||||||||||
Total | 96,898 | 93,768 | 92,180 | 3 | % | 2 | % | ||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||
Cooling degree days | 109 | % | 110 | % | 106 | % | (1) | % | 4 | % | |||||||||||||||||||
Heating degree days | 80 | % | 72 | % | 96 | % | 8 | % | (24) | % | |||||||||||||||||||
Number of metered customers at end of period: | |||||||||||||||||||||||||||||
Residential | 2,359,168 | 2,303,315 | 2,243,188 | 2 | % | 3 | % | ||||||||||||||||||||||
Total | 2,660,938 | 2,599,827 | 2,534,286 | 2 | % | 3 | % |
Favorable (Unfavorable) | ||||||||||||||
2021 to 2020 | 2020 to 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Transmission Revenues, including TCOS and TCRF and impact of the change in rate design, inclusive of costs billed by transmission providers | $ | 254 | $ | 364 | ||||||||||
Bond Companies, offset in other line items below | 52 | (124) | ||||||||||||
Customer growth | 31 | 35 | ||||||||||||
Impacts on usage from COVID-19 | 19 | (31) | ||||||||||||
Energy efficiency, partially offset in operation and maintenance below | 12 | 5 | ||||||||||||
Equity return, related to the annual true-up of transition charges for amounts over or under collected in prior periods | 9 | (14) | ||||||||||||
Impacts from increased peak demand in the prior year, collected in rates in the current year | 6 | 19 | ||||||||||||
AMS, offset in depreciation and amortization below | — | (3) | ||||||||||||
Miscellaneous revenues | (1) | 7 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (8) | (32) | ||||||||||||
Weather impacts and other usage | (51) | (7) | ||||||||||||
Customer rates and impact of the change in rate design | (100) | (298) | ||||||||||||
Total | $ | 223 | $ | (79) | ||||||||||
Operation and maintenance, excluding Bond Companies | ||||||||||||||
Transmission costs billed by transmission providers, offset in revenues above | $ | (90) | $ | (61) | ||||||||||
Contract services | (3) | 6 | ||||||||||||
All other operation and maintenance expense, including materials and supplies and insurance | (2) | 14 | ||||||||||||
Energy efficiency program costs, offset in revenues above | (1) | — | ||||||||||||
Support services | 2 | (6) | ||||||||||||
Merger related expenses, primarily severance and technology | 9 | 2 | ||||||||||||
Labor and benefits | 11 | (2) | ||||||||||||
Total | $ | (74) | $ | (47) | ||||||||||
Depreciation and amortization, excluding Bond Companies | ||||||||||||||
Ongoing additions to plant-in-service | $ | (24) | $ | (31) | ||||||||||
AMS, offset by revenues | — | 3 | ||||||||||||
Total | $ | (24) | $ | (28) | ||||||||||
Taxes other than income taxes | ||||||||||||||
Franchise fees and other taxes | $ | 4 | $ | (1) | ||||||||||
Incremental capital projects placed in service | (3) | (4) | ||||||||||||
Total | $ | 1 | $ | (5) | ||||||||||
Bond Companies expense | ||||||||||||||
Operations and maintenance and depreciation expense, offset by revenues above | $ | (58) | $ | 117 | ||||||||||
Total | $ | (58) | $ | 117 | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Debt to fund incremental capital projects, and refinance maturing debt | $ | (12) | $ | (7) | ||||||||||
Total | $ | (12) | $ | (7) | ||||||||||
Interest expense on Securitization Bonds | ||||||||||||||
Lower outstanding principal balance, offset by revenues above | $ | 7 | $ | 11 | ||||||||||
Total | $ | 7 | $ | 11 | ||||||||||
Other income (expense), net | ||||||||||||||
Reduction to non-service benefit cost | $ | 8 | $ | 13 | ||||||||||
Bond Companies, offset by revenues above | — | (4) | ||||||||||||
Investments in CenterPoint Energy Money Pool interest income | (1) | (20) | ||||||||||||
Total | $ | 7 | $ | (11) | ||||||||||
Year Ended December 31, | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 to 2020 | 2020 to 2019 | |||||||||||||||||||||||||
(in millions, except throughput, weather and customer data) | |||||||||||||||||||||||||||||
Revenues | $ | 3,248 | $ | 2,763 | $ | 3,018 | $ | 485 | $ | (255) | |||||||||||||||||||
Cost of Revenues (1) | 1,532 | 1,117 | 1,430 | (415) | 313 | ||||||||||||||||||||||||
Revenues less Cost of Revenues | 1,716 | 1,646 | 1,588 | 70 | 58 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Operation and maintenance | 790 | 798 | 824 | 8 | 26 | ||||||||||||||||||||||||
Depreciation and amortization | 326 | 304 | 293 | (22) | (11) | ||||||||||||||||||||||||
Taxes other than income taxes | 193 | 182 | 161 | (11) | (21) | ||||||||||||||||||||||||
Total expenses | 1,309 | 1,284 | 1,278 | (25) | (6) | ||||||||||||||||||||||||
Operating Income | 407 | 362 | 310 | 45 | 52 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Gain on sale | 11 | — | — | 11 | — | ||||||||||||||||||||||||
Interest expense and other finance charges | (103) | (111) | (116) | 8 | 5 | ||||||||||||||||||||||||
Other income (expense), net | (10) | (7) | (8) | (3) | 1 | ||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | 305 | 244 | 186 | 61 | 58 | ||||||||||||||||||||||||
Income tax expense (benefit) | 51 | 97 | (3) | 46 | (100) | ||||||||||||||||||||||||
Income From Continuing Operations | 254 | 147 | 189 | 107 | (42) | ||||||||||||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense (benefit) of $—, $(2), and $17, respectively) | — | (66) | 23 | 66 | (89) | ||||||||||||||||||||||||
Net Income | $ | 254 | $ | 81 | $ | 212 | $ | 173 | $ | (131) | |||||||||||||||||||
Throughput (in BCF): | |||||||||||||||||||||||||||||
Residential | 173 | 167 | 188 | 4 | % | (11) | % | ||||||||||||||||||||||
Commercial and industrial | 264 | 260 | 292 | 2 | % | (11) | % | ||||||||||||||||||||||
Total Throughput | 437 | 427 | 480 | 2 | % | (11) | % | ||||||||||||||||||||||
Weather (percentage of 10-year average for service area): | |||||||||||||||||||||||||||||
Heating degree days | 92 | % | 91 | % | 101 | % | 1 | % | (10) | % | |||||||||||||||||||
Number of customers at end of period: | |||||||||||||||||||||||||||||
Residential | 3,383,819 | 3,349,828 | 3,287,343 | 1 | % | 2 | % | ||||||||||||||||||||||
Commercial and industrial | 264,843 | 260,400 | 260,872 | 2 | % | — | % | ||||||||||||||||||||||
Total | 3,648,662 | 3,610,228 | 3,548,215 | 1 | % | 2 | % |
Favorable (Unfavorable) | ||||||||||||||
2021 to 2020 | 2020 to 2019 | |||||||||||||
(in millions) | ||||||||||||||
Revenues less Cost of revenues | ||||||||||||||
Customer rates and impact of the change in rate design, exclusive of the TCJA impact below | $ | 31 | $ | 62 | ||||||||||
Impacts on usage from COVID-19 | 16 | (22) | ||||||||||||
Gross receipts tax, offset in taxes other than income taxes below | 13 | (4) | ||||||||||||
Customer growth | 9 | 14 | ||||||||||||
Weather and usage, excluding impacts from COVID-19 | 8 | 2 | ||||||||||||
Energy efficiency, offset in operation and maintenance below | 1 | (8) | ||||||||||||
Non-volumetric and miscellaneous revenue, excluding impacts from COVID-19 | (1) | 18 | ||||||||||||
Refund of protected and unprotected EDIT, offset in income tax expense | (7) | (4) | ||||||||||||
Total | $ | 70 | $ | 58 | ||||||||||
Operation and maintenance | ||||||||||||||
Merger related expenses, primarily severance and technology | $ | 8 | $ | — | ||||||||||
Support services and miscellaneous operations and maintenance expenses | 8 | (2) | ||||||||||||
Contracted services | 1 | 24 | ||||||||||||
Energy efficiency, offset in revenues less cost of revenues above | (1) | 8 | ||||||||||||
Labor and benefits, primarily due to headcount | (8) | (4) | ||||||||||||
Total | $ | 8 | $ | 26 | ||||||||||
Depreciation and amortization | ||||||||||||||
Incremental capital projects placed in service | $ | (22) | $ | (11) | ||||||||||
Total | $ | (22) | $ | (11) | ||||||||||
Taxes other than income taxes | ||||||||||||||
Gross receipts tax, offset in revenues less cost of revenues above | $ | (13) | $ | 4 | ||||||||||
Incremental capital projects placed in service | 2 | (25) | ||||||||||||
Total | $ | (11) | $ | (21) | ||||||||||
Gain on Sale | ||||||||||||||
Net gain on sale of MES | $ | 11 | $ | — | ||||||||||
Total | $ | 11 | $ | — | ||||||||||
Interest expense and other finance charges | ||||||||||||||
Reduced interest rates on outstanding borrowings, partially offset by incremental borrowings for capital expenditures and make-whole premium | $ | 8 | $ | 5 | ||||||||||
Total | $ | 8 | $ | 5 | ||||||||||
Other income (expense), net | ||||||||||||||
Other miscellaneous non-operating expenses, primarily due to non-service benefit cost | $ | (4) | $ | 6 | ||||||||||
Money pool investments with CenterPoint Energy interest income | 1 | (5) | ||||||||||||
Total | $ | (3) | $ | 1 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating activities | $ | 22 | $ | 770 | $ | (1,440) | $ | 1,995 | $ | 899 | $ | 729 | $ | 1,638 | $ | 918 | $ | 466 | |||||||||||||||||||||||||||||||||||
Investing activities | (1,851) | (1,617) | (859) | (1,265) | (564) | (452) | (8,421) | (1,495) | (662) | ||||||||||||||||||||||||||||||||||||||||||||
Financing activities | 1,916 | 926 | 2,306 | (834) | (416) | (278) | 2,776 | 442 | 173 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 compared to 2020 | 2020 compared to 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Changes in net income after adjusting for non-cash items | $ | 2,098 | $ | 203 | $ | 88 | $ | (1,785) | $ | (128) | $ | 9 | |||||||||||||||||||||||
Changes in working capital | (155) | (101) | (274) | 811 | 61 | 355 | |||||||||||||||||||||||||||||
Increase in regulatory assets (1) | (2,188) | (226) | (1,927) | (85) | 37 | (128) | |||||||||||||||||||||||||||||
Change in equity in earnings of unconsolidated affiliates | (1,767) | — | — | 1,658 | — | — | |||||||||||||||||||||||||||||
Change in distributions from unconsolidated affiliates (2) (3) | 42 | — | — | (148) | — | — | |||||||||||||||||||||||||||||
Higher pension contribution | 25 | — | — | 23 | — | — | |||||||||||||||||||||||||||||
Other | (28) | (5) | (56) | (117) | 11 | 27 | |||||||||||||||||||||||||||||
$ | (1,973) | $ | (129) | $ | (2,169) | $ | 357 | $ | (19) | $ | 263 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 compared to 2020 | 2020 compared to 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Proceeds from the sale of equity securities | $ | 1,320 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | 5,991 | — | — | |||||||||||||||||||||||||||||
Net change in capital expenditures | (568) | (561) | (80) | (90) | (33) | (39) | |||||||||||||||||||||||||||||
Transaction costs related to the Enable Merger | (49) | — | — | — | — | — | |||||||||||||||||||||||||||||
Cash received related to Enable Merger | 5 | — | — | — | — | — | |||||||||||||||||||||||||||||
Net change in notes receivable from unconsolidated affiliates | — | (481) | 9 | — | 962 | (123) | |||||||||||||||||||||||||||||
Change in distributions from Enable in excess of cumulative earnings (1) | (80) | — | — | 38 | — | — | |||||||||||||||||||||||||||||
Proceeds from divestitures | (1,193) | — | (343) | 1,215 | — | 365 | |||||||||||||||||||||||||||||
Other | (21) | (11) | 7 | 2 | 2 | 7 | |||||||||||||||||||||||||||||
$ | (586) | $ | (1,053) | $ | (407) | $ | 7,156 | $ | 931 | $ | 210 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 compared to 2020 | 2020 compared to 2019 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Net changes in commercial paper outstanding | $ | 1,893 | $ | — | $ | 582 | $ | (2,652) | $ | — | $ | (197) | |||||||||||||||||||||||
Proceeds from issuances of preferred stock, net | (723) | — | — | 723 | — | — | |||||||||||||||||||||||||||||
Proceeds from issuance of Common Stock, net | (672) | — | — | 672 | — | — | |||||||||||||||||||||||||||||
Net changes in long-term debt outstanding, excluding commercial paper | 2,450 | 415 | 1,481 | (2,539) | (170) | (93) | |||||||||||||||||||||||||||||
Net changes in debt and equity issuance costs | (30) | (9) | (6) | 12 | 5 | (4) | |||||||||||||||||||||||||||||
Net changes in short-term borrowings | (27) | — | (27) | — | — | — | |||||||||||||||||||||||||||||
Decreased payment of Common Stock dividends | 7 | — | — | 185 | — | — | |||||||||||||||||||||||||||||
Decreased (increased) payment of Preferred Stock dividends | 30 | — | — | (19) | — | — | |||||||||||||||||||||||||||||
Payment of obligation for finance lease | (179) | (179) | — | — | — | — | |||||||||||||||||||||||||||||
Net change in notes payable from affiliated companies | — | 496 | 224 | — | 9 | — | |||||||||||||||||||||||||||||
Contribution from parent | — | 68 | (37) | — | (528) | 88 | |||||||||||||||||||||||||||||
Dividend to parent | — | 551 | 80 | — | (175) | 40 | |||||||||||||||||||||||||||||
Capital contribution to parent associated with the sale of CES | — | — | 286 | — | — | (286) | |||||||||||||||||||||||||||||
Other | 1 | — | 1 | 8 | 1 | 1 | |||||||||||||||||||||||||||||
$ | 2,750 | $ | 1,342 | $ | 2,584 | $ | (3,610) | $ | (858) | $ | (451) |
CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Estimated capital expenditures | $ | 3,490 | $ | 1,780 | $ | 1,233 | ||||||||||||||
Scheduled principal payments on Securitization Bonds | 220 | 220 | — | |||||||||||||||||
Maturing Houston Electric general mortgage bonds | 300 | 300 | — | |||||||||||||||||
Finance lease for mobile generation | 496 | 496 | — |
2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||
CenterPoint Energy | (in millions) | ||||||||||||||||||||||||||||
Electric | $ | 2,052 | $ | 2,879 | $ | 2,281 | $ | 1,724 | $ | 2,683 | |||||||||||||||||||
Natural Gas | 1,427 | 1,804 | 1,439 | 1,490 | 1,887 | ||||||||||||||||||||||||
Corporate and Other | 11 | 31 | 18 | 14 | 14 | ||||||||||||||||||||||||
Total | $ | 3,490 | $ | 4,714 | $ | 3,738 | $ | 3,228 | $ | 4,584 | |||||||||||||||||||
Houston Electric (1) | $ | 1,780 | $ | 2,172 | $ | 1,479 | $ | 1,429 | $ | 2,205 | |||||||||||||||||||
CERC (1) | $ | 1,233 | $ | 1,725 | $ | 1,360 | $ | 1,422 | $ | 1,807 |
Total | 2022 | 2023-2024 | 2025-2026 | 2027 and thereafter | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||||||||||||||
Securitization Bonds | $ | 537 | $ | 220 | $ | 317 | $ | — | $ | — | ||||||||||||||||||||||
Other long-term debt (1) | 15,549 | 308 | 6,082 | 911 | 8,248 | |||||||||||||||||||||||||||
Interest payments — Securitization Bonds (2) | 27 | 15 | 12 | — | — | |||||||||||||||||||||||||||
Interest payments — other long-term debt (2) | 6,386 | 445 | 834 | 761 | 4,346 | |||||||||||||||||||||||||||
Short-term borrowings | 7 | 7 | — | — | — | |||||||||||||||||||||||||||
Finance lease for mobile generation | 496 | 496 | — | — | — | |||||||||||||||||||||||||||
Commodity and other commitments (3) | 4,939 | 626 | 1,500 | 631 | 2,182 | |||||||||||||||||||||||||||
Total cash requirements | $ | 27,941 | $ | 2,117 | $ | 8,745 | $ | 2,303 | $ | 14,776 | ||||||||||||||||||||||
Houston Electric | ||||||||||||||||||||||||||||||||
Securitization Bonds | $ | 537 | $ | 220 | $ | 317 | $ | — | $ | — | ||||||||||||||||||||||
Other long-term debt (1) | 4,958 | 300 | 200 | 300 | 4,158 | |||||||||||||||||||||||||||
Interest payments — Securitization Bonds (2) | 27 | 15 | 12 | — | — | |||||||||||||||||||||||||||
Interest payments — other long-term debt (2) | 3,615 | 188 | 351 | 340 | 2,736 | |||||||||||||||||||||||||||
Finance lease for mobile generation | 496 | 496 | — | — | — | |||||||||||||||||||||||||||
Total cash requirements | $ | 9,633 | $ | 1,219 | $ | 880 | $ | 640 | $ | 6,894 | ||||||||||||||||||||||
CERC | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 4,380 | $ | — | $ | 2,599 | $ | — | $ | 1,781 | ||||||||||||||||||||||
Interest payments — long-term debt (1) | 1,250 | 91 | 160 | 153 | 846 | |||||||||||||||||||||||||||
Short-term borrowings | 7 | 7 | — | — | — | |||||||||||||||||||||||||||
Commodity and other commitments (3) | 2,486 | 322 | 500 | 382 | 1,282 | |||||||||||||||||||||||||||
Total cash requirements | $ | 8,123 | $ | 420 | $ | 3,259 | $ | 535 | $ | 3,909 |
State | Recovery Status | Legislative Activity | Incremental Gas Cost in Regulatory Assets (in millions) | |||||||||||||||||
Arkansas and Oklahoma | On January 10, 2022, CERC Corp., completed the sale of its Arkansas and Oklahoma Natural Gas businesses For additional information, see Note 4 to the consolidated financial statements. | $ | 398 | |||||||||||||||||
Louisiana | Filed application on April 16, 2021 for North Louisiana to recover over a three-year period beginning May 1, 2021. LPSC approved on April 22, 2021. | None. | 67 | |||||||||||||||||
Minnesota | Filed application on March 15, 2021 requesting to recover over a two-year period beginning May 1, 2021. Modified request and worked with other utilities to propose common definition of extraordinary gas costs to be recovered over a 27-month period starting September 1, 2021 using volumetric, seasonally adjusted, and stepped surcharge rates. MPUC issued order approving modified cost recovery subject to a prudence review. The prudence review schedule has testimonies being filed by parties October 2021 through February 2022, a hearing scheduled in February 2022, an administrative law judge report in May 2022 and MPUC final order issued by August 2022. On December 30, 2021, as part of CERC’s alternative request filed in tandem with its general rate case initial filing, the MPUC ordered the amortization period for extraordinary gas cost recovery be extended from a 27-month period to a 63-month period beginning on January 1, 2022. | None. | 379 | |||||||||||||||||
Mississippi | Recovery began in September 2021 through normal gas cost recovery. | None. | 2 |
State | Recovery Status | Legislative Activity | Incremental Gas Cost in Regulatory Assets (in millions) | |||||||||||||||||
Texas | Securitization application was filed on July 30, 2021. Intervenor and staff testimony was received in September and October and CERC filed rebuttal testimony on October 25, 2021. A joint notice of settlement was filed by the Texas utilities that are requesting securitization, intervenors, and Railroad Commission staff on October 29, 2021. The settlement resolves all contested issues and includes an agreement by all signatories that the costs incurred by the utilities to purchase natural gas volumes during February 2021 are reasonable and necessary and were prudently incurred. As part of the settlement, CERC agreed to limit the interim carrying cost rate to its actual interim financing rate of 0.7%. A merits hearing was held on November 2, 2021. On November 10, 2021, the RRC approved the settlement and the regulatory asset amount to be securitized. On February 8, 2022, the RRC issued a financing order. The Texas Public Finance Authority will have approximately 180 days to issue customer rate relief bonds to recover natural gas costs from the February 2021 Winter Storm Event. | A securitization bill has been signed by the Texas governor which authorizes the Railroad Commission to use securitization financing and issuance of customer rate relief bonds for recovery of extraordinary gas costs. | 1,073 | |||||||||||||||||
Total CERC | $ | 1,919 | ||||||||||||||||||
Indiana North | IURC issued order August 25, 2021. Recovery began September 2021 with 50% of the February 2021 variance recovered evenly over the 12‐month period September 2021 to August 2022, with the remainder of the variance recovered through a volumetric per‐therm allocation over the same 12-month period. | None. | 63 | |||||||||||||||||
Indiana South | IURC issued order July 28, 2021. Recovery began August 2021 with 50% of the February 2021 variance recovered evenly over the 12‐month period August 2021 to July 2022, with the remainder of the variance recovered through a volumetric per‐therm allocation over the same 12-month period. | None. | 11 | |||||||||||||||||
Total CenterPoint Energy | $ | 1,993 | ||||||||||||||||||
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
CenterPoint Energy and Houston Electric (PUCT) | ||||||||||||||||||||||||||||||||
TCOS (1) | 64 | February 2022 | TBD | TBD | Based on net change of invested capital of $574 million. | |||||||||||||||||||||||||||
TCOS | 19 | August 2021 | October 2021 | October 2021 | Based on net change of invested capital of $166 million. | |||||||||||||||||||||||||||
EECRF | 22 | June 2021 | March 2022 | November 2021 | The requested $63 million is comprised of the following: 2022 Program and Evaluation, Measurement and Verification costs of $38 million, 2020 under-recovery of $3 million including interest, and 2020 earned bonus of $22 million. A settlement was filed in September 2021 reducing the amount requested by $315 thousand and recommending 2022 Program and Evaluation, Measurement and Verification costs of $38 million, 2020 under-recovery of $3 million including interest, and 2020 earned bonus of $22 million. | |||||||||||||||||||||||||||
TCOS | 9 | March 2021 | April 2021 | April 2021 | Based on net change in invested capital of $80 million. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Arkansas (APSC) | ||||||||||||||||||||||||||||||||
FRP | (10) | April 2021 | October 2021 | September 2021 | Based on ROE of 9.50% with 50 basis point (+/-) earnings band. Revenue decrease of $10.4 million based on prior test year true-up earned return on equity of 11.53%. The initial term of Rider FRP was terminated in September 2021. A petition for rehearing was filed on October 8, 2021. On October 14, 2021, as part of the settlement filed in the asset sale docket, CERC filed a motion to hold the petition for rehearing in abeyance pending closing of the asset sale. The APSC issued an order on October 15, 2021 granting the motion. Additionally, a request to extend the Rider FRP term for an additional five years was filed on May 5, 2021. On October 19, 2021, as part of the settlement filed in the asset sale docket, CERC filed a motion to hold this proceeding in abeyance and the APSC granted the motion on October 21, 2021. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Beaumont/East Texas, South Texas, Houston and Texas Coast (Railroad Commission) | ||||||||||||||||||||||||||||||||
GRIP | 28 | March 2021 | June 2021 | June 2021 | Based on net change in invested capital of $197 million. |
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Louisiana (LPSC) | ||||||||||||||||||||||||||||||||
RSP | 7 | September 2021 | December 2021 | December 2021 | Based on authorized ROE of 9.95% with 50 basis point (+/-) earnings band. The North Louisiana decrease, with certain non-recurring true-up adjustments outside the earnings band, is a decrease of $1 million based on a test year ended June 2021 and adjusted earned ROE of 15.17%. The South Louisiana increase, with certain non-recurring true-up adjustments outside the earnings band, is an increase of $8 million based on a test year ended June 2021 and adjusted earned ROE of 1.93%. Per the 2020 RSP order, a request to extend the RSP for an additional three year term was filed in July 2021 and a hearing is scheduled for May 2022. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Minnesota (MPUC) | ||||||||||||||||||||||||||||||||
Rate Case (1) | 67 | November 2021 | TBD | TBD | See discussion above under Minnesota Base Rate Case. | |||||||||||||||||||||||||||
Decoupling (1) | N/A | September 2021 | September 2021 | TBD | Represents under-recovery of approximately $19 million recorded for and during the period July 1, 2020 through June 30, 2021, including an approximately $5 million adjustment related to the implementation of final rates from the general rate case filed in 2019. | |||||||||||||||||||||||||||
CIP Financial Incentive | 10 | May 2021 | December 2021 | October 2021 | CIP Financial Incentive based on 2020 activity. | |||||||||||||||||||||||||||
Decoupling | N/A | September 2020 | September 2020 | March 2021 | Represents under-recovery of approximately $2 million recorded for and during the period July 1, 2019 through June 30, 2020, including approximately $1 million related to the period July 1, 2018 through June 30, 2019. | |||||||||||||||||||||||||||
Rate Case | 39 | October 2019 | June 2021 | March 2021 | See discussion above under Minnesota Base Rate Case. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Mississippi (MPSC) | ||||||||||||||||||||||||||||||||
RRA | 3 | April 2021 | September 2021 | September 2021 | Based on ROE of 9.81% with 100 basis point (+/-) earnings band. Revenue increase of approximately $3 million based on 2020 test year adjusted earned ROE of 7.49%. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Oklahoma (OCC) | ||||||||||||||||||||||||||||||||
PBRC | (1) | March 2021 | August 2021 | August 2021 | Based on ROE of 10% with 50 basis point (+/-) earnings band. Revenue credit of approximately $1 million based on 2020 test year adjusted earned ROE of 12.42%. A settlement was filed in June 2021 with a hearing held on July 1, 2021. OCC approved revenue credit of approximately $1 million on August 6, 2021. | |||||||||||||||||||||||||||
CenterPoint Energy - Indiana South - Gas (IURC) | ||||||||||||||||||||||||||||||||
CSIA | (1) | April 2021 | July 2021 | July 2021 | Requested an increase of $11 million to rate base, which reflects a $(1 million) annual decrease 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 less than $1 million annually. | |||||||||||||||||||||||||||
Rate Case | 21 | October 2020 | October 2021 | October 2021 | See discussion above under Indiana South Base Rate Case. | |||||||||||||||||||||||||||
CenterPoint Energy - Indiana North - Gas (IURC) | ||||||||||||||||||||||||||||||||
CSIA | 5 | April 2021 | July 2021 | July 2021 | Requested an increase of $37 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 $6 million annually. | |||||||||||||||||||||||||||
Rate Case | 21 | December 2020 | November 2021 | November 2021 | See discussion above under Indiana North Base Rate Case. | |||||||||||||||||||||||||||
CenterPoint Energy - Ohio (PUCO) | ||||||||||||||||||||||||||||||||
DRR | 9 | April 2021 | September 2021 | September 2021 | Requested an increase of $71 million to rate base for investments made in 2020, which reflects a $9 million annual increase in current revenues. A change in (over)/under-recovery variance of $5 million annually is also included in rates. |
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
CenterPoint Energy - Indiana Electric (IURC) | ||||||||||||||||||||||||||||||||
TDSIC (1) | 3 | February 2022 | TBD | TBD | Requested an increase of $42 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of the 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 less than $1 million. | |||||||||||||||||||||||||||
CECA (1) | (2) | February 2022 | TBD | TBD | Requested a decrease of less than $1 million to rate base, which reflects a $3 million annual decrease in current revenues. The mechanism also includes a change in (over)/under-recovery variance of less than $1 million. This mechanism includes a non-traditional rate making approach related to a 50 MW universal solar array placed in service in January 2021. | |||||||||||||||||||||||||||
TDSIC | 3 | August 2021 | November 2021 | November 2021 | Requested an increase of $35 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of the 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 less than $1 million. | |||||||||||||||||||||||||||
ECA | 2 | May 2021 | September 2021 | September 2021 | Requested an increase of $39 million to rate base, which reflects a $2 million annual increase in current revenues. 80% of the revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also included a change in (over)/under-recovery variance of less than $1 million annually. | |||||||||||||||||||||||||||
TDSIC | 3 | February 2021 | May 2021 | May 2021 | Requested an increase of $28 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of the 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 less than $1 million. | |||||||||||||||||||||||||||
CECA | 8 | February 2021 | June 2021 | May 2021 | Reflects an $8 million annual increase in current revenues through a non-traditional rate making approach related to a 50 MW universal solar array placed in service in January 2021. | |||||||||||||||||||||||||||
Amount Utilized as of February 15, 2022 | ||||||||||||||||||||||||||||||||||||||
Registrant | Size of Facility | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | Termination Date | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | $ | 2,400 | $ | — | $ | 11 | $ | 710 | 0.23% | February 4, 2024 | ||||||||||||||||||||||||||||
CenterPoint Energy (1) | 400 | — | — | 264 | 0.22% | February 4, 2024 | ||||||||||||||||||||||||||||||||
Houston Electric | 300 | — | — | — | —% | February 4, 2024 | ||||||||||||||||||||||||||||||||
CERC | 900 | — | — | 100 | 0.19% | February 4, 2024 | ||||||||||||||||||||||||||||||||
Total | $ | 4,000 | $ | — | $ | 11 | $ | 1,074 |
Weighted Average Interest Rate | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Money pool investments | 0.22% | $ | (731) | $ | — |
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 | Stable | |||||||||||||||||||||||||||||||||||||
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 | A2 | Stable | A | Stable | A | Stable | |||||||||||||||||||||||||||||||||||||
CERC | CERC Corp. Senior Unsecured Debt | A3 | Stable | BBB+ | Stable | A- | Stable |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CenterPoint Energy | (in millions) | ||||||||||||||||
Minimum funding requirements for qualified pension plans | $ | — | $ | 76 | $ | 86 | |||||||||||
Employer contributions to the qualified pension plans | 53 | 76 | 86 | ||||||||||||||
Employer contributions to the non-qualified benefit restoration plans | 8 | 10 | 23 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension cost | $ | 69 | $ | 34 | $ | 27 | $ | 49 | $ | 19 | $ | 20 | $ | 93 | $ | 40 | $ | 35 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(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 | |||||||||||||||||
Goodwill impairment | |||||||||||||||||
Total | |||||||||||||||||
Operating Income | |||||||||||||||||
Other Income (Expense): | |||||||||||||||||
Gain (loss) on equity securities | ( | ||||||||||||||||
Gain (loss) on indexed debt securities | ( | ( | |||||||||||||||
Gain on sale | |||||||||||||||||
Interest expense and other finance charges | ( | ( | ( | ||||||||||||||
Interest expense on Securitization Bonds | ( | ( | ( | ||||||||||||||
Other income, net | |||||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Income from Continuing Operations Before Income Taxes | |||||||||||||||||
Income tax expense | |||||||||||||||||
Income from Continuing Operations | |||||||||||||||||
Income (Loss) from Discontinued Operations (net of tax expense (benefit) of $ | ( | ||||||||||||||||
Net Income (Loss) | ( | ||||||||||||||||
Income allocated to preferred shareholders | |||||||||||||||||
Income (Loss) Available to Common Shareholders | $ | $ | ( | $ | |||||||||||||
Basic earnings per common share - continuing operations | $ | $ | $ | ||||||||||||||
Basic earnings (loss) per common share - discontinued operations | ( | ||||||||||||||||
Basic Earnings (Loss) Per Common Share | $ | $ | ( | $ | |||||||||||||
Diluted earnings per common share - continuing operations | $ | $ | $ | ||||||||||||||
Diluted earnings (loss) per common share - discontinued operations | ( | ||||||||||||||||
Diluted Earnings (Loss) Per Common Share | $ | $ | ( | $ | |||||||||||||
Weighted Average Common Shares Outstanding, Basic | |||||||||||||||||
Weighted Average Common Shares Outstanding, Diluted |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Net Income (Loss) | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Adjustment to pension and other postemployment plans (net of tax expense of $ | ( | ||||||||||||||||
Net deferred loss from cash flow hedges (net of tax benefit of $- | ( | ||||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax expense of $- | |||||||||||||||||
Reclassification of net deferred losses from cash flow hedges (net of tax expense of $- | |||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates (net of tax of $- | ( | ( | |||||||||||||||
Total | |||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Income allocated to preferred shareholders | |||||||||||||||||
Comprehensive income (loss) available to common shareholders | $ | $ | ( | $ |
December 31, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($ | $ | $ | |||||||||
Investment in equity securities | |||||||||||
Accounts receivable ($ | |||||||||||
Accrued unbilled revenues, less allowance for credit losses of $ | |||||||||||
Natural gas and coal inventory | |||||||||||
Materials and supplies | |||||||||||
Non-trading derivative assets | |||||||||||
Taxes receivable | |||||||||||
Current assets held for sale | |||||||||||
Regulatory assets | |||||||||||
Prepaid expense and other current assets ($ | |||||||||||
Total current assets | |||||||||||
Property, Plant and Equipment, net | |||||||||||
Other Assets: | |||||||||||
Goodwill | |||||||||||
Regulatory assets ($ | |||||||||||
Non-trading derivative assets | |||||||||||
Preferred units - unconsolidated affiliate | |||||||||||
Non-current assets held for sale | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||
(in millions, except par value and shares) | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | $ | |||||||||
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 | |||||||||||
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) | |||||||||||
Temporary Equity (Note 19) | |||||||||||
Shareholders’ Equity: | |||||||||||
Cumulative preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings (accumulated deficit) | ( | ||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | $ | ( | $ | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Deferred income taxes | ( | ||||||||||||||||
Goodwill impairment and loss from reclassification to held for sale | |||||||||||||||||
Goodwill impairment | |||||||||||||||||
Gain on Enable Merger | ( | ||||||||||||||||
Loss (gain) on equity securities | ( | ( | |||||||||||||||
Loss (gain) on indexed debt securities | ( | ||||||||||||||||
Equity in (earnings) losses 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 | ( | ||||||||||||||||
Net regulatory assets and liabilities | ( | ( | ( | ||||||||||||||
Other current assets and liabilities | ( | ||||||||||||||||
Other assets and liabilities | ( | ||||||||||||||||
Other operating activities, net | |||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | ( | ( | ( | ||||||||||||||
Acquisitions, net of cash acquired | ( | ||||||||||||||||
Transaction costs related to Enable Merger (Note 4) | ( | ||||||||||||||||
Cash received related to Enable Merger | |||||||||||||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | |||||||||||||||||
Proceeds from sale of equity securities, net of transaction costs | |||||||||||||||||
Proceeds from divestitures (Note 4) | |||||||||||||||||
Other investing activities, net | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Decrease in short-term borrowings, net | ( | ||||||||||||||||
Payment of obligation for finance lease | ( | ||||||||||||||||
Borrowings from revolving credit facilities | |||||||||||||||||
Repayments of revolving credit facilities | ( | ( | |||||||||||||||
Proceeds from (payments of) commercial paper, net | ( | ||||||||||||||||
Proceeds from long-term debt | |||||||||||||||||
Payments of long-term debt, including make-whole premiums | ( | ( | ( | ||||||||||||||
Payment of debt 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 Series C Preferred stock, net | |||||||||||||||||
Other financing activities, 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 | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
(in millions of dollars and shares, except authorized shares and per share amounts) | |||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock, $ | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Issuances of Series C Preferred Stock, net of issuance costs | |||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock and Series C Preferred Stock | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Common Stock, $ | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock and Series C Preferred Stock | |||||||||||||||||||||||||||||||||||
Recognition of beneficial conversion feature | |||||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | ( | ||||||||||||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||||||||
Common Stock dividends declared (see Note 13) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends declared (see Note 13) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Series B Preferred Stock dividends declared (see Note 13) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Series C Preferred Stock dividends declared (see Note 13) | ( | ||||||||||||||||||||||||||||||||||
Amortization of beneficial conversion feature | ( | ||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||
Balance, end of year | ( | ||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Balance, end of year | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total Shareholders’ Equity | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Revenues | $ | $ | $ | ||||||||||||||
Expenses: | |||||||||||||||||
Operation and maintenance | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Total | |||||||||||||||||
Operating Income | |||||||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest expense and other finance charges | ( | ( | ( | ||||||||||||||
Interest expense on Securitization Bonds | ( | ( | ( | ||||||||||||||
Other income, net | |||||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Income Before Income Taxes | |||||||||||||||||
Income tax expense | |||||||||||||||||
Net Income | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Net deferred loss from cash flow hedges (net of tax expense of $- | ( | ||||||||||||||||
Reclassification of net deferred losses from cash flow hedges (net of tax expense of $- | |||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||
Comprehensive income | $ | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($ | $ | $ | |||||||||
Accounts and notes receivable, net ($ | |||||||||||
Accounts and notes receivable—affiliated companies | |||||||||||
Accrued unbilled revenues | |||||||||||
Materials and supplies | |||||||||||
Prepaid expenses and other current assets ($ | |||||||||||
Total current assets | |||||||||||
Property, Plant and Equipment, net | |||||||||||
Other Assets: | |||||||||||
Regulatory assets ($ | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ | |||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current portion of VIE Securitization Bonds long-term debt | $ | $ | |||||||||
Current portion of other long-term debt | |||||||||||
Accounts payable | |||||||||||
Accounts and notes payable—affiliated companies | |||||||||||
Taxes accrued | |||||||||||
Interest accrued | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | |||||||||||
Benefit obligations | |||||||||||
Regulatory liabilities | |||||||||||
Other non-current liabilities | |||||||||||
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 | |||||||||||
Total member’s equity | |||||||||||
Total Liabilities and Member’s Equity | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Deferred income taxes | ( | ( | |||||||||||||||
Changes in other assets and liabilities: | |||||||||||||||||
Accounts and notes receivable, net | ( | ( | |||||||||||||||
Accounts receivable/payable–affiliated companies | ( | ( | |||||||||||||||
Inventory | ( | ( | ( | ||||||||||||||
Accounts payable | |||||||||||||||||
Taxes receivable | |||||||||||||||||
Net regulatory assets and liabilities | ( | ( | ( | ||||||||||||||
Other current assets and liabilities | ( | ||||||||||||||||
Other assets and liabilities | ( | ||||||||||||||||
Other operating activities, net | ( | ( | ( | ||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | ( | ( | ( | ||||||||||||||
Decrease (increase) in notes receivable–affiliated companies | ( | ||||||||||||||||
Other investing activities, net | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from long-term debt | |||||||||||||||||
Payments of long-term debt | ( | ( | ( | ||||||||||||||
Dividend to parent | ( | ( | |||||||||||||||
Increase (decrease) in notes payable–affiliated companies | ( | ||||||||||||||||
Payment of debt issuance costs | ( | ( | ( | ||||||||||||||
Contribution from parent | |||||||||||||||||
Payment of obligation for finance lease | ( | ||||||||||||||||
Other financing activities, 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 | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | |||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Dividend to parent | ( | ( | |||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||
Balance, end of year | ( | ||||||||||||||||||||||||||||||||||
Total Member’s Equity | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(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): | |||||||||||||||||
Gain on sale | |||||||||||||||||
Interest expense and other finance charges | ( | ( | ( | ||||||||||||||
Other, 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 $ | ( | ||||||||||||||||
Net Income | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Adjustment to other postemployment plans (net of tax expense of $ | |||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Comprehensive income | $ | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance for credit losses of $ | |||||||||||
Accrued unbilled revenue, less allowance for credit losses of $ | |||||||||||
Accounts and notes receivable — affiliated companies | |||||||||||
Material and supplies | |||||||||||
Natural gas inventory | |||||||||||
Taxes receivable | |||||||||||
Current assets held for sale | |||||||||||
Regulatory assets | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, Plant and Equipment, Net | |||||||||||
Other Assets: | |||||||||||
Goodwill | |||||||||||
Regulatory assets | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Accounts payable | |||||||||||
Accounts and notes payable–affiliated companies | |||||||||||
Notes payable - affiliated companies | |||||||||||
Taxes accrued | |||||||||||
Interest accrued | |||||||||||
Customer deposits | |||||||||||
Current liabilities held for sale | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | |||||||||||
Benefit obligations | |||||||||||
Regulatory liabilities | |||||||||||
Other non-current liabilities | |||||||||||
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, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Deferred income taxes | |||||||||||||||||
Goodwill impairment and loss from reclassification to held for sale | |||||||||||||||||
Changes in other assets and liabilities: | |||||||||||||||||
Accounts receivable and unbilled revenues, net | ( | ||||||||||||||||
Accounts receivable/payable–affiliated companies | ( | ( | |||||||||||||||
Inventory | ( | ( | |||||||||||||||
Taxes receivable | ( | ||||||||||||||||
Accounts payable | ( | ( | |||||||||||||||
Net regulatory assets and liabilities | ( | ( | |||||||||||||||
Other current assets and liabilities | ( | ( | |||||||||||||||
Other assets and liabilities | ( | ( | |||||||||||||||
Other operating activities, net | |||||||||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | ( | ( | ( | ||||||||||||||
(Increase) decrease in notes receivable–affiliated companies | ( | ||||||||||||||||
Proceeds from divestitures (Note 4) | |||||||||||||||||
Other investing activities, net | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Decrease in short-term borrowings, net | ( | ||||||||||||||||
Proceeds from (payments of) commercial paper, net | ( | ||||||||||||||||
Proceeds from long-term debt | |||||||||||||||||
Payments of long-term debt, including make-whole premiums | ( | ( | |||||||||||||||
Payment of debt issuance costs | ( | ( | |||||||||||||||
Dividends to parent | ( | ( | |||||||||||||||
Contribution from parent | |||||||||||||||||
Capital distribution to parent associated with the sale of CES | ( | ||||||||||||||||
Increase in notes payable–affiliated companies | |||||||||||||||||
Other financing activities, 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 | $ | $ | $ | ||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
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 the sale of CES | ( | ||||||||||||||||||||||||||||||||||
Capital distribution to parent associated with Internal Spin | ( | ||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | |||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Dividend to parent | ( | ( | |||||||||||||||||||||||||||||||||
— | ( | — | |||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Balance, end of year | |||||||||||||||||||||||||||||||||||
Total Stockholder’s Equity | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 (1) | 2020 | 2021 (1) | 2020 (1) | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
LIFO inventory | $ | $ | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
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 and distribution | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Electric generation (1) | |||||||||||||||||||||||||||||||||||||||||
Natural gas distribution | |||||||||||||||||||||||||||||||||||||||||
Finance ROU asset mobile generation | |||||||||||||||||||||||||||||||||||||||||
Other property | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Houston Electric | |||||||||||||||||||||||||||||||||||||||||
Electric transmission and distribution | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Finance ROU asset mobile generation | |||||||||||||||||||||||||||||||||||||||||
Other property | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
CERC | |||||||||||||||||||||||||||||||||||||||||
Natural gas distribution | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Other property | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accretion expense (1) | |||||||||||||||||||||||||||||||||||
Revisions in estimates (2) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
December 31, 2021 | ||||||||||||||
CenterPoint Energy | CERC | |||||||||||||
(in millions) | ||||||||||||||
Receivables, net | $ | $ | ||||||||||||
Accrued unbilled revenues | ||||||||||||||
Natural gas inventory | ||||||||||||||
Materials and supplies | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Investment in unconsolidated affiliate (1) | ||||||||||||||
Regulatory assets | ||||||||||||||
Other | ||||||||||||||
Total current assets held for sale | $ | $ | ||||||||||||
December 31, 2021 | ||||||||||||||
CenterPoint Energy | CERC | |||||||||||||
(in millions) | ||||||||||||||
Short term borrowings (2) | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Taxes accrued | ||||||||||||||
Customer deposits | ||||||||||||||
Regulatory liabilities | ||||||||||||||
Other | ||||||||||||||
Total current liabilities held for sale | $ | $ |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | $ | ||||||||||||
Year Ended December 31, 2021 | ||||||||
Equity Method Investment in Enable | ||||||||
(in millions) | ||||||||
Equity in earnings of unconsolidated affiliate, net | $ | |||||||
Income from discontinued operations before income taxes | ||||||||
Income tax expense | ||||||||
Net income from discontinued operations | $ |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Equity Method Investment in Enable | Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Non-utility cost of revenues | ||||||||||||||||||||||||||
Operation and maintenance | ||||||||||||||||||||||||||
Taxes other than income taxes | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Equity in losses of unconsolidated affiliate, net (1) | ( | ( | ||||||||||||||||||||||||
Income (loss) from Discontinued Operations before income taxes | ( | ( | ||||||||||||||||||||||||
Loss on classification to held for sale, net (2) | ( | ( | ( | |||||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ( | |||||||||||||||||||||||
Net loss from Discontinued Operations | $ | ( | $ | ( | $ | ( | $ | ( |
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
Equity Method Investment in Enable | Infrastructure Services Disposal Group (3) | 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 | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate, net (4) | ||||||||||||||||||||||||||
Income from Discontinued Operations before income taxes | ||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income from Discontinued Operations | $ | $ | $ | $ |
Year Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
CERC | ||||||||||||||
(in millions) | ||||||||||||||
Revenues | $ | $ | ||||||||||||
Expenses: | ||||||||||||||
Non-utility cost of revenues | ||||||||||||||
Operation and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Goodwill Impairment | ||||||||||||||
Total | ||||||||||||||
Income from Discontinued Operations before income taxes | ||||||||||||||
Loss on classification to held for sale, net (1) | ( | |||||||||||||
Income tax expense (benefit) | ( | |||||||||||||
Net income (loss) from Discontinued Operations | $ | ( | $ |
Year Ended December 31, 2021 | ||||||||
CenterPoint Energy | ||||||||
Equity Method Investment in Enable | ||||||||
(in millions) | ||||||||
Cash flows from operating activities: | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Gain on Enable Merger | $ | ( | ||||||
Equity in earnings of unconsolidated affiliate | ( | |||||||
Distributions from unconsolidated affiliate | ||||||||
Cash flows from investing activities: | ||||||||
Transaction costs related to the Enable Merger | ( | |||||||
Cash received related to Enable Merger |
Year Ended December 31, 2020 | ||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||
Equity Method Investment in Enable | Infrastructure Services Disposal Group | Energy Services Disposal Group | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Write-down of natural gas inventory | $ | $ | $ | |||||||||||||||||
Equity in losses of unconsolidated affiliate | ||||||||||||||||||||
Distributions from unconsolidated affiliate | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||
Distributions from unconsolidated affiliate in excess of cumulative earnings | ||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||
Equity Method Investment in Enable | Infrastructure Services Disposal Group (1) | Energy Services Disposal Group | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | |||||||||||||||||
Amortization of intangible assets in Non-utility cost of revenues | ||||||||||||||||||||
Write-down of natural gas inventory | ||||||||||||||||||||
Equity in losses of unconsolidated affiliate | ( | |||||||||||||||||||
Distributions from unconsolidated affiliate | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||
Distributions from unconsolidated affiliate in excess of cumulative earnings | ||||||||||||||||||||
Non-cash transactions: | ||||||||||||||||||||
Accounts payable related to capital expenditures |
Year Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
CERC | ||||||||||||||
Energy Services Disposal Group | ||||||||||||||
(in millions) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Depreciation and amortization | $ | $ | ||||||||||||
Write-down of natural gas inventory | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | ||||||||||||||
Non-cash transactions: | ||||||||||||||
Accounts payable related to capital expenditures |
Year Ended December 31, | ||||||||||||||||||||||||||
2020 (1) | 2019 | 2020 (1) | 2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Transportation revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Natural gas expense |
Year Ended December 31, | ||||||||||||||||||||||||||
2020 (1) | 2019 (2) | 2020 | 2019 | |||||||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Pipeline construction and repair services capitalized | $ | $ | $ | $ | ||||||||||||||||||||||
Pipeline construction and repair service charges in operations and maintenance expense |
(in millions) | ||||||||
Operating revenues | $ | |||||||
Net income | ||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Electric | Natural Gas | Corporate and Other | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Other (1) | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Electric | Natural Gas | Corporate and Other | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Other (1) | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
Electric (2) | Natural Gas (2) | Corporate and Other (2) | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Other (1) | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue from contracts | $ | $ | $ | ||||||||||||||
Other (1) | |||||||||||||||||
Total revenues | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Revenue from contracts | $ | $ | $ | |||||||||||||||||
Other (1) | ||||||||||||||||||||
Total revenues | $ | $ | $ |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Assets | Contract Liabilities | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Opening balance as of December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Closing balance as of December 31, 2021 | |||||||||||||||||||||||
Increase | $ | $ | $ | ( | $ | ( |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Liabilities | |||||||||||||||
(in millions) | |||||||||||||||||
Opening balance as of December 31, 2020 | $ | $ | $ | ||||||||||||||
Closing balance as of December 31, 2021 | |||||||||||||||||
Increase (decrease) | $ | $ | $ |
Accounts Receivable | Other Accrued Unbilled Revenues | ||||||||||
(in millions) | |||||||||||
Opening balance as of December 31, 2020 | $ | $ | |||||||||
Closing balance as of December 31, 2021 | |||||||||||
Increase (decrease) | $ | $ | ( |
Rolling 12 Months | Thereafter | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue expected to be recognized on contracts in place as of December 31, 2021: | |||||||||||||||||
Corporate and Other | $ | $ | $ | ||||||||||||||
$ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bad debt expense | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | Held for Sale | Disposals | December 31, 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Electric (1) | $ | $ | $ | $ | |||||||||||||||||||
Natural Gas | (2) | (3) | |||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2020 | Held for Sale | Disposals | December 31, 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Goodwill | $ | $ | (2) | $ | (3) | $ |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Balance | Gross Carrying Amount | Accumulated Amortization | Net Balance | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Trade names | ( | ( | ||||||||||||||||||||||||||||||||||||
Construction backlog (1) | ( | |||||||||||||||||||||||||||||||||||||
Operation and maintenance agreements (1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(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) |
Amortization Expense | |||||
(in millions) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 |
December 31, 2021 | |||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Regulatory Assets: | |||||||||||||||||
Future amounts recoverable from ratepayers related to: | |||||||||||||||||
Benefit obligations (1) | $ | $ | $ | ||||||||||||||
Asset retirement obligations & other | |||||||||||||||||
Net deferred income taxes | |||||||||||||||||
Total future amounts recoverable from ratepayers | |||||||||||||||||
Amounts deferred for future recovery related to: | |||||||||||||||||
Extraordinary gas costs | |||||||||||||||||
Cost recovery riders | |||||||||||||||||
Hurricane and February 2021 Winter Storm Event restoration costs | |||||||||||||||||
Other regulatory assets | |||||||||||||||||
Gas recovery costs | |||||||||||||||||
Decoupling | |||||||||||||||||
COVID-19 incremental costs | |||||||||||||||||
Emergency generation costs | |||||||||||||||||
Unrecognized equity return | ( | ( | ( | ||||||||||||||
Total amounts deferred for future recovery | |||||||||||||||||
Amounts currently recovered in customer rates related to: | |||||||||||||||||
Authorized trackers and cost deferrals | |||||||||||||||||
Securitized regulatory assets | |||||||||||||||||
Unamortized loss on reacquired debt and hedging | |||||||||||||||||
Gas recovery costs | |||||||||||||||||
Extraordinary gas costs | |||||||||||||||||
Regulatory assets related to TCJA | |||||||||||||||||
Hurricane Harvey restoration costs | |||||||||||||||||
Benefit obligations | |||||||||||||||||
Unrecognized equity return (2) | ( | ( | ( | ||||||||||||||
Total amounts recovered in customer rates (3) | |||||||||||||||||
Total Regulatory Assets | $ | $ | $ | ||||||||||||||
Total Current Regulatory Assets (4) | $ | $ | $ | ||||||||||||||
Total Non-Current Regulatory Assets | $ | $ | $ | ||||||||||||||
Regulatory Liabilities: | |||||||||||||||||
Regulatory liabilities related to TCJA | $ | $ | $ | ||||||||||||||
Estimated removal costs | |||||||||||||||||
Other regulatory liabilities | |||||||||||||||||
Total Regulatory Liabilities | $ | $ | $ | ||||||||||||||
Total Current Regulatory Liabilities (5) | $ | $ | $ | ||||||||||||||
Total Non-Current Regulatory Liabilities | $ | $ | $ |
December 31, 2020 | |||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Regulatory Assets: | |||||||||||||||||
Future amounts recoverable from ratepayers related to: | |||||||||||||||||
Benefit obligations (1) | $ | $ | $ | ||||||||||||||
Asset retirement obligations & other | |||||||||||||||||
Net deferred income taxes | |||||||||||||||||
Total future amounts recoverable from ratepayers | |||||||||||||||||
Amounts deferred for future recovery related to: | |||||||||||||||||
Cost recovery riders | |||||||||||||||||
Other regulatory assets | |||||||||||||||||
Hurricane restoration costs | |||||||||||||||||
COVID-19 incremental costs | |||||||||||||||||
Gas recovery costs | |||||||||||||||||
Decoupling | |||||||||||||||||
Unrecognized equity return | ( | ( | |||||||||||||||
Total amounts deferred for future recovery | |||||||||||||||||
Amounts currently recovered in customer rates related to: | |||||||||||||||||
Securitized regulatory assets | |||||||||||||||||
Authorized trackers and cost deferrals | |||||||||||||||||
Unamortized loss on reacquired debt and hedging | |||||||||||||||||
Hurricane Harvey restoration costs | |||||||||||||||||
Benefit obligations | |||||||||||||||||
Regulatory assets related to TCJA | |||||||||||||||||
Gas recovery costs | |||||||||||||||||
Unrecognized equity return (2) | ( | ( | ( | ||||||||||||||
Total amounts recovered in customer rates | |||||||||||||||||
Total Regulatory Assets | $ | $ | $ | ||||||||||||||
Total Current Regulatory Assets | $ | $ | $ | ||||||||||||||
Total Non-Current Regulatory Assets | $ | $ | $ | ||||||||||||||
Regulatory Liabilities: | |||||||||||||||||
Regulatory liabilities related to TCJA | $ | $ | $ | ||||||||||||||
Estimated removal costs | |||||||||||||||||
Other regulatory liabilities | |||||||||||||||||
Total Regulatory Liabilities | $ | $ | $ | ||||||||||||||
Total Current Regulatory Liabilities (5) | $ | $ | $ | ||||||||||||||
Total Non-Current Regulatory Liabilities | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowed equity return recognized | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
LTIP compensation expense (1) | $ | $ | $ | ||||||||||||||
Income tax benefit recognized | |||||||||||||||||
Actual tax benefit realized for tax deductions |
Year Ended December 31, 2021 | |||||||||||||||||||||||
Shares (Thousands) | Weighted-Average Grant Date Fair Value | Remaining Average Contractual Life (Years) | Aggregate Intrinsic Value (2) (Millions) | ||||||||||||||||||||
Performance Awards (1) | |||||||||||||||||||||||
Outstanding and nonvested as of December 31, 2020 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Forfeited or canceled | ( | ||||||||||||||||||||||
Vested and released to participants | ( | ||||||||||||||||||||||
Outstanding and nonvested as of December 31, 2021 | $ | $ | |||||||||||||||||||||
Stock Unit Awards | |||||||||||||||||||||||
Outstanding and nonvested as of December 31, 2020 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Forfeited or canceled | ( | ||||||||||||||||||||||
Vested and released to participants | ( | ||||||||||||||||||||||
Outstanding and nonvested as of December 31, 2021 | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(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, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(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 | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Discount rate | % | % | % | ||||||||||||||
Expected return on plan assets | |||||||||||||||||
Rate of increase in compensation levels |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions, except for actuarial assumptions) | |||||||||||
Change in Benefit Obligation | |||||||||||
Benefit obligation, beginning of year | $ | $ | |||||||||
Service cost | |||||||||||
Interest cost | |||||||||||
Benefits paid | ( | ( | |||||||||
Actuarial (gain) loss (1) | ( | ||||||||||
Plan amendment | |||||||||||
Benefit obligation, end of year | |||||||||||
Change in Plan Assets | |||||||||||
Fair value of plan assets, beginning of year | |||||||||||
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 | |||||||||||
Non-current assets | $ | $ | |||||||||
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 |
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Pension (Qualified) | Pension (Non-qualified) | Pension (Qualified) | Pension (Non-qualified) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Accumulated benefit obligation | $ | $ | $ | $ | |||||||||||||||||||
Projected benefit obligation | |||||||||||||||||||||||
Fair value of plan assets |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets |
December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions, except for actuarial assumptions) | |||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Service cost | |||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Participant contributions | |||||||||||||||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Early Retiree Reinsurance Program | |||||||||||||||||||||||||||||||||||
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 | 2029 | 2029 | 2029 | 2028 | 2028 | 2028 | |||||||||||||||||||||||||||||
Year that the cost trend rates reach the ultimate trend rate - Post-65 | 2030 | 2030 | 2030 | 2029 | 2029 | 2029 |
December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | ( | ( | |||||||||||||||
Settlement | ( | ||||||||||||||||
Total recognized in comprehensive income | $ | ( | $ | ( | $ | ( | |||||||||||
Total 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, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 and government agencies | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ |
As of December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Common Collective Trust Funds | Mutual Funds | Common Collective Trust Funds | |||||||||||||||
International equities | % | % | % | ||||||||||||||
U.S. equities | % | % | % | ||||||||||||||
Real estate | % | % | % | ||||||||||||||
Fixed income | % | % | % |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||
U.S. equities | % | % | % | % | % | % | |||||||||||||||||||||||||||||
International equities | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Fixed income | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Cash | % | % | % | % | % | % |
Fair Value Measurements as of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
Fixed income | % | % | % | % | % | % | |||||||||||||||||||||||||||||
U.S. equities | % | % | % | % | % | % | |||||||||||||||||||||||||||||
International equities | % | % | % | % | % | % |
Contributions in 2021 | Expected Minimum Contributions in 2022 | ||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||
2022 | $ | $ | $ | $ | |||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 | |||||||||||||||||||||||
2027-2031 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings plan benefit expenses (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment benefits | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plans |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
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 2023 | % | % | % | |||||||||||||||||||
OPEIU Local 12 | December 2025 | % | % | % | |||||||||||||||||||
Gas Workers Union Local 340 | April 2025 | % | % | % | |||||||||||||||||||
IBEW Locals 1393 and USW Locals 12213 & 7441 | December 2023 | % | % | % | |||||||||||||||||||
IBEW Locals 949 | December 2025 | % | % | % | |||||||||||||||||||
USW Locals 13-227 | June 2022 | % | % | % | |||||||||||||||||||
USW Locals 13-1 | July 2022 | % | % | % | |||||||||||||||||||
IBEW Local 702 | June 2022 | % | % | % | |||||||||||||||||||
Teamsters Local 135 | October 2024 | % | % | % | |||||||||||||||||||
UWUA Local 175 | October 2024 | % | % | % | |||||||||||||||||||
Total | % | % | % |
December 31, 2021 | December 31, 2020 | |||||||||||||
Hedging Classification | Notional Principal | |||||||||||||
(in millions) | ||||||||||||||
Economic hedge (1) | $ | $ | ||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Balance Sheet Location | Derivative Assets Fair Value | Derivative Liabilities Fair Value | Derivative Assets Fair Value | Derivative Liabilities Fair Value | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Natural gas derivatives (1) | Current Assets: Non-trading derivative assets | $ | $ | $ | $ | ||||||||||||||||||||||||
Natural gas derivatives (1) | Other Assets: Non-trading derivative assets | ||||||||||||||||||||||||||||
Natural gas derivatives (1) | Current Liabilities: Non-trading derivative liabilities | ||||||||||||||||||||||||||||
Interest rate derivatives | Current Liabilities: Non-trading derivative liabilities | ||||||||||||||||||||||||||||
Natural gas derivatives (1) | Other Liabilities: Non-trading derivative liabilities | ||||||||||||||||||||||||||||
Interest rate derivatives | Other Liabilities: Non-trading derivative liabilities | ||||||||||||||||||||||||||||
Indexed debt securities derivative (2) | Current Liabilities | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||||||||
Income Statement Location | 2021 | 2020 | 2019 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Effects of derivatives not designated as hedging instruments on the income statement: | ||||||||||||||||||||||||||
Indexed debt securities derivative | Gain (loss) on indexed debt securities | $ | $ | ( | $ | ( | ||||||||||||||||||||
Total CenterPoint Energy | $ | $ | ( | $ | ( |
As of December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||
Aggregate fair value of derivatives with credit-risk-related contingent features in a liability position | $ | $ | ||||||||||||
Fair value of collateral already posted | ||||||||||||||
Additional collateral required to be posted if credit risk contingent features triggered (1) |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Indexed debt securities derivative | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (1) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
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 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Per Unit | Cash Distribution | Per Unit | Cash Distribution | Per Unit | Cash Distribution | |||||||||||||||||||||||||||||||||
(in millions, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||
Enable Common Units | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Enable Series A Preferred Units (1) | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ |
CenterPoint Energy and CERC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Natural gas expenses, including transportation and storage costs (1) | $ | $ | $ | |||||||||||||||||
CenterPoint Energy and CERC | ||||||||
December 31, | ||||||||
2020 | ||||||||
(in millions) | ||||||||
Accounts payable for natural gas purchases from Enable | $ | |||||||
Accounts receivable for amounts billed for services provided to Enable |
Year Ended December 31, | ||||||||||||||||||||
2021 (1) | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Operating revenues | $ | $ | $ | |||||||||||||||||
Cost of sales, excluding depreciation and amortization | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Goodwill impairment | ||||||||||||||||||||
Operating income | ||||||||||||||||||||
Net income attributable to Enable Common Units | ||||||||||||||||||||
Reconciliation of Equity in Earnings (Losses), net before income taxes: | ||||||||||||||||||||
CenterPoint Energy’s interest | $ | $ | $ | |||||||||||||||||
Basis difference amortization (2) | ||||||||||||||||||||
Loss on dilution, net of proportional basis difference recognition | ( | ( | ( | |||||||||||||||||
Impairment of CenterPoint Energy’s equity method investment in Enable | ( | |||||||||||||||||||
Gain on Enable Merger | ||||||||||||||||||||
CenterPoint Energy’s equity in earnings (losses), net before income taxes (3) | $ | $ | ( | $ |
December 2, | December 31, | |||||||||||||
2021 (1) | 2020 | |||||||||||||
(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 (2) | ( | ( | ||||||||||||
CenterPoint Energy’s equity method investment in Enable (3) | $ | $ |
Equity Security/Date Sold | Units Sold | Proceeds (2) | ||||||||||||
(in millions) | ||||||||||||||
Energy Transfer Common Units | ||||||||||||||
December 8, 2021 (1) | $ | |||||||||||||
December 10, 2021 | $ | |||||||||||||
Energy Transfer Series G Preferred Units | ||||||||||||||
December 13, 2021 | $ | |||||||||||||
Gains (Losses) on Equity Securities | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
AT&T Common | $ | ( | $ | ( | $ | |||||||||||||||
Charter Common | ( | |||||||||||||||||||
Energy Transfer Common Units | ( | |||||||||||||||||||
Energy Transfer Series G Preferred Units | ||||||||||||||||||||
Other | ||||||||||||||||||||
$ | ( | $ | $ | |||||||||||||||||
Shares Held at December 31, | Carrying Value at December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
AT&T Common | $ | $ | ||||||||||||||||||||||||
Charter Common | ||||||||||||||||||||||||||
Energy Transfer Common Units | ||||||||||||||||||||||||||
Energy Transfer Series G Preferred Units | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
$ | $ |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(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, 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 | |||||||||||||||||
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, 2020 | |||||||||||||||||
Accretion of debt component of ZENS | |||||||||||||||||
2% interest paid | ( | ||||||||||||||||
Distribution to ZENS holders | ( | ||||||||||||||||
Gain on indexed debt securities | ( | ||||||||||||||||
Loss on ZENS-Related Securities | ( | ||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ |
Dividends Declared Per Share | Dividends Paid Per Share | ||||||||||||||||||||||||||||||||||
2021 | 2020 (2) | 2019 | 2021 | 2020 (2) | 2019 | ||||||||||||||||||||||||||||||
Common Stock | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||||||||||||
Series C Preferred Stock (1) |
Liquidation Preference Per Share | Shares Outstanding as of December 31, | Outstanding Value as of December 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
(in millions, except shares and per share amount) | |||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Series A Preferred Stock | $ | $ | $ | ||||||||||||||
Series B Preferred Stock | |||||||||||||||||
Series C Preferred Stock | |||||||||||||||||
Preferred dividend requirement | |||||||||||||||||
Amortization of beneficial conversion feature | |||||||||||||||||
Total income allocated to preferred shareholders | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates | ( | ||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||||||||||||||
Prior service cost (1) | |||||||||||||||||||||||||||||||||||
Actuarial losses (1) | |||||||||||||||||||||||||||||||||||
Settlement (2) | |||||||||||||||||||||||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income | |||||||||||||||||||||||||||||||||||
Reclassification of deferred loss from cash flow hedges to regulatory assets (3) | |||||||||||||||||||||||||||||||||||
Tax benefit (expense) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | ( | $ | $ | $ | ( | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Long-Term | Current (1) | Long-Term | Current (1) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
CenterPoint Energy: | |||||||||||||||||||||||
ZENS due 2029 (2) | $ | $ | $ | $ | |||||||||||||||||||
CenterPoint Energy senior notes | |||||||||||||||||||||||
CenterPoint Energy variable rate term loan | |||||||||||||||||||||||
CenterPoint Energy pollution control bonds | |||||||||||||||||||||||
CenterPoint Energy commercial paper (4) (5) | |||||||||||||||||||||||
VUHI senior notes | |||||||||||||||||||||||
VUHI commercial paper (4) (5) | |||||||||||||||||||||||
IGC senior notes | |||||||||||||||||||||||
SIGECO first mortgage bonds | |||||||||||||||||||||||
Other debt | |||||||||||||||||||||||
Unamortized debt issuance costs | ( | — | ( | — | |||||||||||||||||||
Unamortized discount and premium, net | ( | — | ( | — | |||||||||||||||||||
Houston Electric debt (see details below) | |||||||||||||||||||||||
CERC debt (see details below) | |||||||||||||||||||||||
Total CenterPoint Energy debt | $ | $ | $ | $ |
Houston Electric: | |||||||||||||||||||||||
First mortgage bonds | $ | $ | $ | $ | |||||||||||||||||||
General mortgage bonds | |||||||||||||||||||||||
Restoration Bond Company: | |||||||||||||||||||||||
System restoration bonds | |||||||||||||||||||||||
Bond Company IV: | |||||||||||||||||||||||
Transition bonds | |||||||||||||||||||||||
Unamortized debt issuance costs | ( | — | ( | — | |||||||||||||||||||
Unamortized discount and premium, net | ( | — | ( | — | |||||||||||||||||||
Total Houston Electric debt | $ | $ | $ | $ |
CERC (8): | |||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Inventory financing (9) | $ | — | $ | $ | — | $ | |||||||||||||||||
Total CERC short-term borrowings | — | — | |||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Senior notes | $ | $ | — | $ | $ | — | |||||||||||||||||
Commercial paper (4) (5) | — | — | |||||||||||||||||||||
Unamortized debt issuance costs | ( | — | ( | — | |||||||||||||||||||
Unamortized discount and premium, net | ( | — | ( | — | |||||||||||||||||||
Total CERC long-term debt | — | — | |||||||||||||||||||||
Total CERC debt | $ | $ | $ | $ |
Registrant | Issuance Date | Debt Instrument | Aggregate Principal Amount | Interest Rate | Maturity Date | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
CERC | March 2021 | Senior Notes | $ | 2023 | ||||||||||||||||||||||||||||
CERC | March 2021 | Floating Rate Senior Notes | Three-month LIBOR plus | 2023 | ||||||||||||||||||||||||||||
Total CERC(1) | ||||||||||||||||||||||||||||||||
Houston Electric | March 2021 | General Mortgage Bonds | 2031 | |||||||||||||||||||||||||||||
Houston Electric | March 2021 | General Mortgage Bonds | 2051 | |||||||||||||||||||||||||||||
Total Houston Electric (2) | ||||||||||||||||||||||||||||||||
CenterPoint Energy | May 2021 | Senior Notes | 2026 | |||||||||||||||||||||||||||||
CenterPoint Energy | May 2021 | Senior Notes | 2031 | |||||||||||||||||||||||||||||
CenterPoint Energy | May 2021 | Floating Rate Senior Notes | SOFR plus | 2024 | ||||||||||||||||||||||||||||
Total CenterPoint Energy (3) | $ |
Registrant | Repayment/Redemption Date | Debt Instrument | Aggregate Principal | Interest Rate | Maturity Date | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
CERC (1) | December 2021 | Senior Notes | $ | 2023 | ||||||||||||||||||||||||||||
Total CERC | ||||||||||||||||||||||||||||||||
Houston Electric | March 2021 | First Mortgage Bonds | 2021 | |||||||||||||||||||||||||||||
Houston Electric (2) | May 2021 | General Mortgage Bonds | 2021 | |||||||||||||||||||||||||||||
Total Houston Electric | ||||||||||||||||||||||||||||||||
CenterPoint Energy (3) | January 2021 | Senior Notes | 2021 | |||||||||||||||||||||||||||||
CenterPoint Energy (4) | May 2021 | Term Loan | 2021 | |||||||||||||||||||||||||||||
CenterPoint Energy (5) | June 2021 | Senior Notes | 2021 | |||||||||||||||||||||||||||||
CenterPoint Energy | November 2021 | Senior Notes | 2021 | |||||||||||||||||||||||||||||
CenterPoint Energy (6) | December 2021 | Senior Notes | 2022 | |||||||||||||||||||||||||||||
Total CenterPoint Energy | $ |
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, 2021 (2) | Termination Date | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
February 4, 2021 | CenterPoint Energy | $ | (3) | February 4, 2024 | ||||||||||||||||||||||||||||||||||
February 4, 2021 | CenterPoint Energy (4) | February 4, 2024 | ||||||||||||||||||||||||||||||||||||
February 4, 2021 | Houston Electric | (3) | February 4, 2024 | |||||||||||||||||||||||||||||||||||
February 4, 2021 | CERC | February 4, 2024 | ||||||||||||||||||||||||||||||||||||
Total | $ |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
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) | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
CERC | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
CenterPoint Energy (1) | Houston Electric (1) | CERC | Securitization Bonds | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
2022 | $ | $ | $ | $ | |||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
CenterPoint Energy - Continuing Operations | |||||||||||||||||
Current income tax expense (benefit): | |||||||||||||||||
Federal | $ | $ | ( | $ | ( | ||||||||||||
State | ( | ||||||||||||||||
Total current expense (benefit) | ( | ( | |||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | |||||||||||||||||
State | ( | ||||||||||||||||
Total deferred expense | |||||||||||||||||
Total income tax expense | $ | $ | $ | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
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 expense (benefit): | |||||||||||||||||
Federal | ( | ( | |||||||||||||||
State | |||||||||||||||||
Total deferred expense (benefit) | ( | ( | |||||||||||||||
Total income tax expense | $ | $ | $ | ||||||||||||||
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) | $ | $ | $ | ( | |||||||||||||
CERC - Discontinued Operations | |||||||||||||||||
Current income tax expense: | |||||||||||||||||
State | |||||||||||||||||
Total current expense | |||||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||
Federal | |||||||||||||||||
State | ( | ||||||||||||||||
Total deferred expense (benefit) | ( | ||||||||||||||||
Total income tax expense (benefit) | $ | $ | ( | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(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 | ( | ( | |||||||||||||||
Excess deferred income tax amortization | ( | ( | ( | ||||||||||||||
Goodwill impairment | |||||||||||||||||
Net operating loss carryback | ( | ||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Total income tax expense | $ | $ | $ | ||||||||||||||
Effective tax rate | % | % | % | ||||||||||||||
CenterPoint Energy - Discontinued Operations (4)(5) (6) | |||||||||||||||||
Income (loss) before income taxes | $ | $ | ( | $ | |||||||||||||
Federal statutory income tax rate | % | % | % | ||||||||||||||
Expected federal income tax expense (benefit) | ( | ||||||||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax | ( | ||||||||||||||||
State law change, net of federal income tax | ( | ||||||||||||||||
Goodwill impairment | |||||||||||||||||
Tax impact of sale of Energy Services and Infrastructure Services Disposal Groups | |||||||||||||||||
Other, net | ( | ||||||||||||||||
Total | ( | ||||||||||||||||
Total income tax expense (benefit) | $ | $ | ( | $ | |||||||||||||
Effective tax rate | % | % | % | ||||||||||||||
Houston Electric (7) (8) (9) | |||||||||||||||||
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 | |||||||||||||||||
Excess deferred income tax amortization | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | |||||||||||||||
Total | ( | ( | ( | ||||||||||||||
Total income tax expense | $ | $ | $ | ||||||||||||||
Effective tax rate | % | % | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
CERC - Continuing Operations (10) (11) (12) | |||||||||||||||||
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 | ( | ( | |||||||||||||||
Excess deferred income tax amortization | ( | ( | ( | ||||||||||||||
Other, net | ( | ||||||||||||||||
Total | ( | ( | |||||||||||||||
Total income tax expense (benefit) | $ | $ | $ | ( | |||||||||||||
Effective tax rate | % | % | ( | % | |||||||||||||
CERC - Discontinued Operations (13) (14) | |||||||||||||||||
Income (loss) before income taxes | $ | $ | ( | $ | |||||||||||||
Federal statutory income tax rate | % | % | % | ||||||||||||||
Expected federal income tax expense (benefit) | ( | ||||||||||||||||
Increase 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 | % | % | % |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
CenterPoint Energy | |||||||||||
Deferred tax assets: | |||||||||||
Benefits and compensation | $ | $ | |||||||||
Regulatory liabilities | |||||||||||
Loss and credit carryforwards | |||||||||||
Asset retirement obligations | |||||||||||
Indexed debt securities derivative | |||||||||||
Investment in unconsolidated affiliates | |||||||||||
Other | |||||||||||
Valuation allowance | ( | ( | |||||||||
Total deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | |||||||||||
Investment in unconsolidated affiliates | |||||||||||
Regulatory assets | |||||||||||
Investment in ZENS and equity securities related to ZENS | |||||||||||
Investment in equity securities | |||||||||||
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 | $ | $ | |||||||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
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, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Balance, beginning of year | $ | $ | |||||||||
Increases related to tax positions of prior years | |||||||||||
Decreases related to tax positions of prior years | ( | ( | |||||||||
Balance, end of year | $ | $ |
Natural Gas and Coal Supply (1) | Other (2) | ||||||||||||||||
CenterPoint Energy | CERC | CenterPoint Energy | |||||||||||||||
(in millions) | |||||||||||||||||
2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 and beyond |
December 31, 2021 | |||||||||||
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, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions, except per share and share amounts) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income from continuing operations | $ | $ | $ | ||||||||||||||
Less: Preferred stock dividend requirement (Note 13) | |||||||||||||||||
Less: Amortization of beneficial conversion feature (Note 13) | |||||||||||||||||
Less: Undistributed earnings allocated to preferred shareholders (1) | |||||||||||||||||
Income available to common shareholders from continuing operations - basic and diluted | |||||||||||||||||
Income (loss) available to common shareholders from discontinued operations - basic and diluted | ( | ||||||||||||||||
Income (loss) available to common shareholders - basic and diluted | $ | $ | ( | $ | |||||||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||
Plus: Incremental shares from assumed conversions: | |||||||||||||||||
Restricted stock | |||||||||||||||||
Series C Preferred Stock (3) | |||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||
Anti-dilutive Incremental Shares Excluded from Denominator for Diluted Earnings (Loss) Computation: | |||||||||||||||||
Restricted stock | |||||||||||||||||
Series B Preferred Stock (2) | |||||||||||||||||
Series C Preferred Stock (3) | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions, except per share and share amounts) | |||||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
Basic earnings per common share - continuing operations | $ | $ | $ | ||||||||||||||
Basic earnings (loss) per common share - discontinued operations | ( | ||||||||||||||||
Basic Earnings (Loss) Per Common Share | $ | $ | ( | $ | |||||||||||||
Diluted earnings per common share - continuing operations | $ | $ | $ | ||||||||||||||
Diluted earnings (loss) per common share - discontinued operations | ( | ||||||||||||||||
Diluted Earnings (Loss) Per Common Share | $ | $ | ( | $ |
Revenues from External Customers | Depreciation and Amortization | Interest Income (1) | Interest Expense | Income Tax Expense (Benefit) | Net Income (Loss) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2021: | |||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Natural Gas | ( | ||||||||||||||||||||||||||||||||||
Corporate and Other | ( | ( | ( | ||||||||||||||||||||||||||||||||
Eliminations | ( | ||||||||||||||||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||||||||||||||
Consolidated | $ | ||||||||||||||||||||||||||||||||||
For the year ended December 31, 2020: | |||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Natural Gas | ( | ||||||||||||||||||||||||||||||||||
Corporate and Other | ( | ( | ( | ||||||||||||||||||||||||||||||||
Eliminations | ( | ||||||||||||||||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Discontinued Operations, net | ( | ||||||||||||||||||||||||||||||||||
Consolidated | $ | ( | |||||||||||||||||||||||||||||||||
For the year ended December 31, 2019: | |||||||||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Natural Gas | ( | ||||||||||||||||||||||||||||||||||
Corporate and Other | ( | ( | ( | ||||||||||||||||||||||||||||||||
Eliminations | ( | ||||||||||||||||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||||||||||||||
Consolidated | $ |
Total Assets | Expenditures for Long-lived Assets | ||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Electric | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||||
Corporate and Other, net of eliminations (1) | |||||||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||||||
Assets Held for Sale/Discontinued Operations | |||||||||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Affiliates of NRG | $ | $ | $ | |||||||||||||||||
Affiliates of Vistra Energy Corp. |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas transportation and processing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy products and services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 tax payments (refunds), net | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Energy Transfer Common Units received for Enable Merger | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Energy Transfer Series G Preferred Units received for Enable Merger | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ROU assets obtained in exchange for lease liabilities (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of beneficial conversion feature | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital distribution associated with the Internal Spin (2) |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Restricted cash included in Prepaid expenses and other current assets | |||||||||||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statements of Consolidated Cash Flows | $ | $ | $ | $ | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||
(in millions, except interest rates) | |||||||||||||||||||||||
Money pool investments (borrowings) (1) | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
Weighted average interest rate | % | % | % | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Interest income (expense), net (1) | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Corporate service charges | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Net affiliate service charges (billings) | ( | ( | ( |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
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 sale of CES | |||||||||||||||||||||||||||||||||||
Capital distribution to parent associated with the Internal Spin (1) | |||||||||||||||||||||||||||||||||||
Property, plant and equipment from parent (2) |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||||||||||||||
Total lease cost (1) | $ | $ | $ | $ | $ | $ |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Operating lease income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Variable lease income | |||||||||||||||||||||||||||||||||||
Total lease income | $ | $ | $ | $ | $ | $ |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions, except lease term and discount rate) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Operating ROU assets (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Finance ROU assets (2) | |||||||||||||||||||||||||||||||||||
Total leased assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Current operating lease liability (3) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-current operating lease liability (4) | |||||||||||||||||||||||||||||||||||
Total leased liabilities (5) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Weighted-average remaining lease term (in years) - operating leases | |||||||||||||||||||||||||||||||||||
Weighted-average discount rate - operating leases | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Weighted-average remaining lease term (in years) - finance leases | — | — | — | — | |||||||||||||||||||||||||||||||
Weighted-average discount rate - finance leases | % | % |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 and beyond | |||||||||||||||||
Total lease payments | |||||||||||||||||
Less: Interest | |||||||||||||||||
Present value of lease liabilities | $ | $ | $ |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 and beyond | |||||||||||||||||
Total lease payments to be received | $ | $ | $ |
Year Ended December 31, 2021 | |||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Operating cash flows from operating leases included in the measurement of lease liabilities | $ | $ | $ | ||||||||||||||
Financing cash flows from finance leases included in the measurement of lease liabilities | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||
Audit fees (1) | $ | 650,344 | $ | 963,833 | $ | 658,965 | $ | 907,560 | |||||||||||||||
Audit-related fees (2) | 347,000 | 152,000 | 343,000 | 172,500 | |||||||||||||||||||
Total audit and audit-related fees | 997,344 | 1,115,833 | 1,001,965 | 1,080,060 | |||||||||||||||||||
Tax fees | — | — | — | — | |||||||||||||||||||
All other fees | — | — | — | — | |||||||||||||||||||
Total fees | $ | 997,344 | $ | 1,115,833 | $ | 1,001,965 | $ | 1,080,060 |
CenterPoint Energy | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Statements of Consolidated Income for the Three Years Ended December 31, 2021 | |||||
Statements of Consolidated Comprehensive Income for the Three Years Ended December 31, 2021 | |||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | |||||
Statements of Consolidated Cash Flows for the Three Years Ended December 31, 2021 | |||||
Statements of Consolidated Changes in Equity for the Three Years Ended December 31, 2021 | |||||
Houston Electric | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Statements of Consolidated Income for the Three Years Ended December 31, 2021 | |||||
Statements of Consolidated Comprehensive Income for the Three Years Ended December 31, 2020 | |||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | |||||
Statements of Consolidated Cash Flows for the Three Years Ended December 31, 2021 | |||||
Statements of Consolidated Changes in Equity for the Three Years Ended December 31, 2021 | |||||
CERC | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
Statements of Consolidated Income for the Three Years Ended December 31, 2021 | |||||
Statements of Consolidated Comprehensive Income for the Three Years Ended December 31, 2021 | |||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | |||||
Statements of Consolidated Cash Flows for the Three Years Ended December 31, 2021 | |||||
Statements of Consolidated Changes in Equity for the Three Years Ended December 31, 2021 | |||||
Combined Notes to Consolidated Financial Statements |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
2(a) | — | CenterPoint Energy’s Form 8-K dated July 21, 2004 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
2(b) | — | CenterPoint Energy’s Form 8-K dated April 21, 2018 | 1-31447 | 2.1 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
2(c)(1) | — | Agreement and Plan of Merger among CERC, Houston Lighting and Power Company (“HL&P”), HI Merger, Inc. and NorAm Energy Corp. (“NorAm”) dated August 11, 1996 | Houston Industries’ (“HI’s”) Form 8-K dated August 11, 1996 | 1-7629 | 2 | X | ||||||||||||||||||||||||||||||||||||||
2(c)(2) | — | Amendment to Agreement and Plan of Merger among CERC, HL&P, HI Merger, Inc. and NorAm dated August 11, 1996 | Registration Statement on Form S-4 | 333-11329 | 2(c) | X | ||||||||||||||||||||||||||||||||||||||
2(d) | — | Agreement and Plan of Merger dated December 29, 2000 merging Reliant Resources Merger Sub, Inc. with and into Reliant Energy Services, Inc. | Registration Statement on Form S-3 | 333-54526 | 2 | X | ||||||||||||||||||||||||||||||||||||||
2(e) | — | CenterPoint Energy’s Form 8-K dated March 14, 2013 | 1-31447 | 2.1 | X | X | ||||||||||||||||||||||||||||||||||||||
2(f) | — | CenterPoint Energy’s Form 8-K dated February 3, 2020 | 1-31447 | 2.1 | X | |||||||||||||||||||||||||||||||||||||||
2(g) | — | CenterPoint Energy’s Form 8-K dated February 24, 2020 | 1-31447 | 2.1 | X | X | ||||||||||||||||||||||||||||||||||||||
2(h) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2021 | 1-31447 | 2.4 | X | X | ||||||||||||||||||||||||||||||||||||||
3(a) | — | CenterPoint Energy’s Form 8-K dated July 24, 2008 | 1-31447 | 3.2 | X | |||||||||||||||||||||||||||||||||||||||
3(b) | — | Houston Electric’s Form 8-K dated August 31, 2002 | 1-3187 | 3(a) | X | |||||||||||||||||||||||||||||||||||||||
3(c) | — | Houston Electric’s Form 10-Q for the quarter ended June 30, 2011 | 1-3187 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
3(d) | — | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(a)(1) | X | |||||||||||||||||||||||||||||||||||||||
3(e) | — | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(a)(2) | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
3(f) | — | CERC Form 10-K for the year ended December 31, 1998 | 1-13265 | 3(a)(3) | X | |||||||||||||||||||||||||||||||||||||||
3(g) | — | CERC Form 10-Q for the quarter ended June 30, 2003 | 1-13265 | 3(a)(4) | X | |||||||||||||||||||||||||||||||||||||||
3(h) | — | CenterPoint Energy’s Form 8-K dated February 21, 2017 | 1-31447 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
3(i) | — | Houston Electric’s Form 10-Q for the quarter ended June 30, 2011 | 1-3187 | 3.2 | X | |||||||||||||||||||||||||||||||||||||||
3(j) | — | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(b) | X | |||||||||||||||||||||||||||||||||||||||
3(k) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2011 | 1-31447 | 3(c) | X | |||||||||||||||||||||||||||||||||||||||
3(l) | — | CenterPoint Energy’s Form 8-K dated August 22, 2018 | 1-31447 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
3(m) | — | CenterPoint Energy’s Form 8-K dated September 25, 2018 | 1-31447 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
3(n) | — | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 3.1 | X | |||||||||||||||||||||||||||||||||||||||
4(a) | — | CenterPoint Energy’s Registration Statement on Form S-4 | 333-69502 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(b) | — | CenterPoint Energy’s Form 8-K dated August 22, 2018 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(c) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2001 | 1-31447 | 4.3 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(d)(1) | — | Mortgage and Deed of Trust, dated November 1, 1944 between Houston Lighting and Power Company (HL&P) and Chase Bank of Texas, National Association (formerly, South Texas Commercial National Bank of Houston), as Trustee, as amended and supplemented by 20 Supplemental Indentures thereto | HL&P’s Form S-7 filed on August 25, 1977 | 2-59748 | 2(b) | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(2) | — | Twenty-First through Fiftieth Supplemental Indentures to Exhibit 4(d)(1) | HL&P’s Form 10-K for the year ended December 31, 1989 | 1-3187 | 4(a)(2) | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(3) | — | Fifty-First Supplemental Indenture to Exhibit 4(d)(1) dated as of March 25, 1991 | HL&P’s Form 10-Q for the quarter ended June 30, 1991 | 1-3187 | 4(a) | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(4) | — | Fifty-Second through Fifty-Fifth Supplemental Indentures to Exhibit 4(d)(1) each dated as of March 1, 1992 | HL&P’s Form 10-Q for the quarter ended March 31, 1992 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(5) | — | Fifty-Sixth and Fifty-Seventh Supplemental Indentures to Exhibit 4(d)(1) each dated as of October 1, 1992 | HL&P’s Form 10-Q for the quarter ended September 30, 1992 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(6) | — | Fifty-Eighth and Fifty-Ninth Supplemental Indentures to Exhibit 4(d)(1) each dated as of March 1, 1993 | HL&P’s Form 10-Q for the quarter ended March 31, 1993 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(7) | — | Sixtieth Supplemental Indenture to Exhibit 4(d)(1) dated as of July 1, 1993 | HL&P’s Form 10-Q for the quarter ended June 30, 1993 | 1-3187 | 4 | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(8) | — | Sixty-First through Sixty-Third Supplemental Indentures to Exhibit 4(d)(1) each dated as of December 1, 1993 | HL&P’s Form 10-K for the year ended December 31, 1993 | 1-3187 | 4(a)(8) | X | X | |||||||||||||||||||||||||||||||||||||
4(d)(9) | — | Sixty-Fourth and Sixty-Fifth Supplemental Indentures to Exhibit 4(d)(1) each dated as of July 1, 1995 | HL&P’s Form 10-K for the year ended December 31, 1995 | 1-3187 | 4(a)(9) | X | X | |||||||||||||||||||||||||||||||||||||
4(e)(1) | — | Houston Electric’s Form 10-Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(1) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(2) | — | Houston Electric’s Form 10- Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(3) | X | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(e)(3) | — | Houston Electric’s Form 10-Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(4) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(4) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2003 | 1-31447 | 4(e)(10) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(5) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 4(e)(10) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(6) | — | CenterPoint Energy’s Form 8-K dated March 13, 2003 | 1-31447 | 4.1 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(7) | — | CenterPoint Energy’s Form 8-K dated March 13, 2003 | 1-31447 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(8) | — | CenterPoint Energy’s Form 8-K dated May 16, 2003 | 1-31447 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(9) | — | CenterPoint Energy’s Form 8-K dated May 16, 2003 | 1-31447 | 4.1 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(10) | — | Houston Electric’s Form 8-K dated January 6, 2009 | 1-3187 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(11) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2012 | 1-31447 | 4(e)(33) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(12) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2012 | 1-31447 | 4(e)(34) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(13) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2014 | 1-31447 | 4.10 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(14) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2014 | 1-31447 | 4.11 | X | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(e)(15) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2016 | 1-31447 | 4.5 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(16) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2016 | 1-31447 | 4.6 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(17) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2016 | 1-31447 | 4.5 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(18) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2016 | 1-31447 | 4.6 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(19) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2016 | 1-31447 | 4(e)(41) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(20) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2016 | 1-31447 | 4(e)(42) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(21) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 30, 2018 | 1-31447 | 4.9 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(22) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 30, 2018 | 1-31447 | 4.10 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(23) | — | Houston Electric’s Form 8-K dated January 10, 2019 | 1-3187 | 4.4 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(24) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2018 | 1-31447 | 4(h)(24) | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(25) | — | Houston Electric’s Form 8-K dated June 2, 2020 | 1-3187 | 4.4 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(26) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2020 | 1-31447 | 4.26 | X | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(e)(27) | — | Houston Electric’s Form 8-K dated March 8, 2021 | 1-3187 | 4.4 | X | X | ||||||||||||||||||||||||||||||||||||||
4(e)(28) | — | Officer’s Certificate, dated as of March 11, 2021, setting forth the form, terms and provisions of the Thirty-First and Thirty-Second Series of General Mortgage Bonds | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2021 | 1-31447 | 4.22 | X | X | |||||||||||||||||||||||||||||||||||||
4(f)(1) | — | Indenture, dated as of February 1, 1998, between Reliant Energy Resources Corp. (RERC Corp.) and Chase Bank of Texas, National Association, as Trustee | CERC Corp.’s Form 8-K dated February 5, 1998 | 1-13265 | 4.1 | X | X | |||||||||||||||||||||||||||||||||||||
4(f)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2006 | 1-31447 | 4(f)(11) | X | X | ||||||||||||||||||||||||||||||||||||||
4(f)(3) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2008 | 1-31447 | 4.9 | X | X | ||||||||||||||||||||||||||||||||||||||
4(f)(4) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2010 | 1-31447 | 4(f)(15) | X | X | ||||||||||||||||||||||||||||||||||||||
4(f)(5) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2017 | 1-31447 | 4.11 | X | X | ||||||||||||||||||||||||||||||||||||||
4(f)(6) | — | Supplemental Indenture No. 17 to Exhibit 4(f)(1) dated as of March 28, 2018, providing for the issuance of CERC Corp.’s 3.55% Senior Notes due 2023 and 4.00% Senior Notes due 2028 | CERC’s Form 10-Q for the quarter ended March 31, 2018 | 1-13265 | 4.4 | X | X | |||||||||||||||||||||||||||||||||||||
4(f)(7) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2020 | 1-31447 | 4.23 | X | X | ||||||||||||||||||||||||||||||||||||||
4(f)(8) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2021 | 1-31447 | 4.18 | X | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(f)(9) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2021 | 1-31447 | 4.19 | X | X | ||||||||||||||||||||||||||||||||||||||
4(g)(1) | — | CenterPoint Energy’s Form 8-K dated May 19, 2003 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(g)(2) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2017 | 1-31447 | 4.9 | X | |||||||||||||||||||||||||||||||||||||||
4(g)(3) | — | Supplemental Indenture No. 10 to Exhibit 4(g)(1), dated as of October 5, 2018, providing for the issuance of CenterPoint Energy’s 3.60% Senior Notes due 2021, 3.85% Senior Notes due 2024 and 4.25% Senior Notes due 2028 | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2018 | 1-31447 | 4.14 | X | ||||||||||||||||||||||||||||||||||||||
4(g)(4) | — | Supplemental Indenture No. 11 to Exhibit 4(g)(1), dated as of August 14, 2019, providing for the issuance of CenterPoint Energy’s 2.50% Senior Notes due 2024, 2.95% Senior Notes due 2030 and 3.70% Senior Notes due 2049 | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2019 | 1-31447 | 4.2 | X | ||||||||||||||||||||||||||||||||||||||
4(g)(5) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2021 | 1-31447 | 4.24 | X | |||||||||||||||||||||||||||||||||||||||
4(g)(6) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2021 | 1-31447 | 4.25 | X | |||||||||||||||||||||||||||||||||||||||
4(h)(1) | — | Subordinated Indenture dated as of September 1, 1999 | Reliant Energy’s Form 8-K dated September 1, 1999 | 1-3187 | 4.1 | X | ||||||||||||||||||||||||||||||||||||||
4(h)(2) | — | Supplemental Indenture No. 1 dated as of September 1, 1999, between Reliant Energy and Chase Bank of Texas (supplementing Exhibit 4(h)(1) and providing for the issuance Reliant Energy’s 2% Zero-Premium Exchangeable Subordinated Notes Due 2029) | Reliant Energy’s Form 8-K dated September 15, 1999 | 1-3187 | 4.2 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(h)(3) | — | CenterPoint Energy’s Form 8-K12B dated August 31, 2002 | 1-31447 | 4(e) | X | |||||||||||||||||||||||||||||||||||||||
4(h)(4) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2005 | 1-31447 | 4(h)(4) | X | |||||||||||||||||||||||||||||||||||||||
4(i) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(j) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.2 | X | X | ||||||||||||||||||||||||||||||||||||||
4(k) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.3 | X | X | ||||||||||||||||||||||||||||||||||||||
4(l) | — | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.4 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(m)(1) | — | Mortgage and Deed of Trust dated as of April 1, 1932 between SIGECO and Bankers Trust Company, as Trustee, as amended and supplemented by 28 Supplemental Indentures thereto | Post-Effective Amendment No. 1 Form 8-K dated June 1, 1984 Form 8-K dated March 24, 1986 Form 8-K dated June 3, 1986 | 2-2536 2-62032 2-88923 1-3553 1-3553 1-3553 | B-1, B-2 (b)(4)(ii) 4(b)(2) 4 4-A 4 | X X X X X X | ||||||||||||||||||||||||||||||||||||||
4(m)(2) | — | Additional Supplemental Indentures to Exhibit 4(m)(1) | X | |||||||||||||||||||||||||||||||||||||||||
Date as of | File Reference | Exhibit No. | ||||||||||||||||||||||||||||||||||||||||||
July 1, 1985 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1985 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
November 1, 1985 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1985 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
November 15, 1986 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1986 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
January 15, 1987 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1986 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
December 15, 1987 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1987 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
December 13, 1990 | 1-3553, SIGECO’s Form 10-K for the fiscal year 1990 | 4-A | ||||||||||||||||||||||||||||||||||||||||||
April 1, 1993 | 1-3553, SIGECO’s Form 8-K dated April 13, 1993 | 4 | ||||||||||||||||||||||||||||||||||||||||||
June 1, 1993 | 1-3553, SIGECO’s Form 8-K dated June 14, 1993 | 4 | ||||||||||||||||||||||||||||||||||||||||||
1-3553, SIGECO’s Form 10-K for the fiscal year 1993 | 4(a) | |||||||||||||||||||||||||||||||||||||||||||
1-3553, SIGECO’s Form 10-Q for the quarter ended June 30, 1999 | 4(a) | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2001 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2004 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2004 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2007 | 4.1 |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
Date as of | File Reference | Exhibit No. | ||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2007 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2007 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 10-K for the year ended December 31, 2009 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 8-K dated April 30, 2013 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 8-K dated September 25, 2014 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
1-15467, Vectren’s Form 8-K dated September 10, 2015 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||
4(n)(1) | — | Indenture dated February 1, 1991 between Indiana Gas Company, Inc. and U.S Bank Trust National Association (formerly known as First Trust National Association, which was formerly known as Bank of America Illinois, which was formerly known as Continental Bank, National Association) | Indiana Gas’s Form 8-K filed February 15, 1991 | 1-6494 | 4(a) | X | ||||||||||||||||||||||||||||||||||||||
4(n)(2) | — | First Supplemental Indenture to Exhibit 4(n)(1), dated as of February 15, 1991 | Indiana Gas’s Form 8-K filed February 15, 1991 | 1-6494 | 4(b) | X | ||||||||||||||||||||||||||||||||||||||
4(n)(3) | — | Second Supplemental Indenture to Exhibit 4(n)(1), dated as of September 15, 1991 | Indiana Gas’s Form 8-K filed September 25, 1991 | 1-6494 | 4(b) | X | ||||||||||||||||||||||||||||||||||||||
4(n)(4) | — | Third Supplemental Indenture to Exhibit 4(n)(1), dated as of September 15, 1991 | Indiana Gas’s Form 8-K filed September 25, 1991 | 1-6494 | 4(c) | X | ||||||||||||||||||||||||||||||||||||||
4(n)(5) | — | Fourth Supplemental Indenture to Exhibit 4(n)(1), dated as of December 2, 1992 | Indiana Gas’s Form 8-K filed December 8, 1992 | 1-6494 | 4(b) | X | ||||||||||||||||||||||||||||||||||||||
4(n)(6) | — | Indiana Gas’s Form 8-K filed December 27, 2000 | 1-6494 | 4 | X | |||||||||||||||||||||||||||||||||||||||
4(o)(1) | — | VUHI’s Form 8-K dated October 19, 2001 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(o)(2) | — | VUHI’s Form 8-K dated October 19, 2001 | 1-16739 | 4.2 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4(o)(3) | — | VUHI’s Form 8-K dated November 29, 2001 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(o)(4) | — | VUHI’s Form 8-K dated July 24, 2003 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(o)(5) | — | VUHI’s Form 8-K dated November 18, 2005 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(o)(6) | — | VUHI’s Form 8-K dated October 16, 2006 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(o)(7) | — | VUHI’s Form 8-K dated March 10, 2008 | 1-16739 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(p) | — | Vectren’s Form 8-K dated April 8, 2011 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(q) | — | Vectren’s Form 8-K dated November 17, 2011 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(r) | — | Vectren’s Form 8-K dated December 21, 2012 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(s) | — | Vectren’s Form 8-K dated August 22, 2013 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(t) | — | Vectren’s Form 8-K dated June 12, 2015 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(u) | — | Vectren’s Form 8-K dated September 25, 2017 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(v) | — | Vectren’s Form 8-K dated May 3, 2018 | 1-15467 | 4.1 | X | |||||||||||||||||||||||||||||||||||||||
4(w) | — | Vectren’s Form 8-K dated May 3, 2018 | 1-15467 | 4.2 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
†4(x) | — | X | ||||||||||||||||||||||||||||||||||||||||||
†4(y) | — | X | ||||||||||||||||||||||||||||||||||||||||||
†4(z) | — | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(a) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(b)(1) | — | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(b)(2) | — | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(c) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2003 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(d)(1) | — | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(d)(2) | — | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.5 | X | |||||||||||||||||||||||||||||||||||||||
*10(e)(1) | — | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(e)(2) | — | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.6 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(e)(3) | CenterPoint Energy’s Form 8-K dated December 9, 2019 | 1-31447 | 10.1 | X | ||||||||||||||||||||||||||||||||||||||||
*10(f) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2003 | 1-31447 | 10.5 | X | |||||||||||||||||||||||||||||||||||||||
10(g)(1) | — | Stockholder’s Agreement dated as of July 6, 1995 between Houston Industries Incorporated and Time Warner Inc. | Schedule 13-D dated July 6, 1995 | 5-19351 | 2 | X | ||||||||||||||||||||||||||||||||||||||
10(g)(2) | — | Amendment to Exhibit 10(g)(1) dated November 18, 1996 | HI’s Form 10-K for the year ended December 31, 1996 | 1-7629 | 10(x)(4) | X | ||||||||||||||||||||||||||||||||||||||
10(h)(1) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(h)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(bb)(5) | X | |||||||||||||||||||||||||||||||||||||||
10(h)(3) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.5 | X | |||||||||||||||||||||||||||||||||||||||
10(h)(4) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.6 | X | |||||||||||||||||||||||||||||||||||||||
10(h)(5) | — | Reliant Energy’s Form 10-Q for the quarter ended March 31, 2001 | 1-3187 | 10.8 | X | |||||||||||||||||||||||||||||||||||||||
10(i)(1) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(cc)(1) | X | |||||||||||||||||||||||||||||||||||||||
10(i)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(cc)(2) | X | |||||||||||||||||||||||||||||||||||||||
10(i)(3) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-31447 | 10(cc)(3) | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(j)(1) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2003 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(j)(2) | — | CenterPoint Energy’s Form 8-K dated February 20, 2008 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(k)(1) | — | CenterPoint Energy’s Form 8-K dated February 20, 2008 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(k)(2) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
†*10(l) | — | X | ||||||||||||||||||||||||||||||||||||||||||
*10(m)(1) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2018 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(m)(2) | CenterPoint Energy’s Form 10-K for the year ended December 31, 2019 | 1-31447 | 10(n)(2) | X | ||||||||||||||||||||||||||||||||||||||||
10(n) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2005 | 1-31447 | 10.1 | X | X | ||||||||||||||||||||||||||||||||||||||
10(o)(1) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
10(o)(2) | — | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(1) | — | CenterPoint Energy’s Schedule 14A dated March 13, 2009 | 1-31447 | A | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2019 | 1-31447 | 10(q)(2) | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(p)(3) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2018 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(4) | — | CenterPoint Energy’s Form 8-K dated February 28, 2012 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(5) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2019 | 1-31447 | 10(q)(5) | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(6) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.4 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(7) | — | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2018 | 1-31447 | 10.7 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(8) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(9) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(10) | — | CenterPoint Energy’s Form 8-K/A dated June 30, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(11) | — | Form of Award Agreement for Restricted Stock Units for Named Executive Officers (Separation) under Exhibit 10(p)(1) | CenterPoint Energy’s Form 8-K/A dated June 30, 2020 | 1-31447 | 10.2 | X | ||||||||||||||||||||||||||||||||||||||
*10(p)(12) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2020 | 1-31447 | 10(q)(12) | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(13) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2020 | 1-31447 | 10(q)(13) | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(14) | — | CenterPoint Energy’s Form 8-K/A dated February 19, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(p)(15) | — | CenterPoint Energy’s Form 8-K dated July 20, 2021 | 1-31447 | 10.1 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
*10(q)(1) | — | CenterPoint Energy’s Form 8-K dated April 27, 2017 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(q)(2) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2020 | 1-31447 | 10(t)(2) | X | |||||||||||||||||||||||||||||||||||||||
†*10(q)(3) | — | X | ||||||||||||||||||||||||||||||||||||||||||
*10(r) | — | CenterPoint Energy’s Form 10-K for the year ended December 31, 2013 | 1-31447 | 10(zz) | X | |||||||||||||||||||||||||||||||||||||||
*10(s) | — | Vectren’s Form 10-K for the year end December 31, 2001 | 1-15467 | 10.32 | X | |||||||||||||||||||||||||||||||||||||||
*10(t) | — | Vectren’s Form 8-K dated September 29, 2008 | 1-15467 | 10.3 | X | |||||||||||||||||||||||||||||||||||||||
*10(u) | — | Vectren’s Form 8-K dated December 17, 2008 | 1-15467 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
*10(v) | — | Vectren’s Form 8-K dated January 5, 2012 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(w) | — | Vectren’s Form 10-K for the year end December 31, 2012 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(x) | — | Vectren’s Form 8-K dated December 17, 2008 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
*10(y) | — | Vectren’s Form 10-Q for the quarter ended September 30, 2013 | 1-15467 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(z) | — | CenterPoint Energy’s Form 8-K dated June 30, 2020 | 1-31447 | 10.1 | X | |||||||||||||||||||||||||||||||||||||||
10(aa) | — | CenterPoint Energy’s Form 8-K dated September 15, 2020 | 1-31447 | 10.1 | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
10(bb) | — | CenterPoint Energy’s Form 8-K dated February 16, 2021 | 1-31447 | 10.2 | X | |||||||||||||||||||||||||||||||||||||||
10(cc) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2021 | 1-31447 | 10.8 | X | |||||||||||||||||||||||||||||||||||||||
10(dd) | — | CenterPoint Energy’s Form 10-Q for the quarter ended June 30, 2021 | 1-31447 | 10.9 | X | |||||||||||||||||||||||||||||||||||||||
†21 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.1.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.1.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.1.3 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†23.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.1.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.1.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.1.3 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.2.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.2.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†31.2.3 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†32.1.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†32.1.2 | — | Section 1350 Certification of Scott E. Doyle | X | |||||||||||||||||||||||||||||||||||||||||
†32.1.3 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†32.2.1 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†32.2.2 | — | X | ||||||||||||||||||||||||||||||||||||||||||
†32.2.3 | — | X |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
99.1 | — | Part II, Item 8 of Enable Midstream Partners, LP’s Form 10-K for the year ended December 31, 2020 | 001-36413 | Item 8 | X | |||||||||||||||||||||||||||||||||||||||
99.2 | — | Part I, Item 1 of Enable Midstream Partners, LP’s Form 10-Q for the quarter ended September 30, 2021 | 001-36413 | Item 1 | X | |||||||||||||||||||||||||||||||||||||||
†101.INS | — | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | X | X | X | |||||||||||||||||||||||||||||||||||||||
†101.SCH | — | Inline XBRL Taxonomy Extension Schema Document | X | X | X | |||||||||||||||||||||||||||||||||||||||
†101.CAL | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | X | X | |||||||||||||||||||||||||||||||||||||||
†101.DEF | — | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | X | X | |||||||||||||||||||||||||||||||||||||||
†101.LAB | — | Inline XBRL Taxonomy Extension Labels Linkbase Document | X | X | X | |||||||||||||||||||||||||||||||||||||||
†101.PRE | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | X | X | |||||||||||||||||||||||||||||||||||||||
†104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X | X | X |
CENTERPOINT ENERGY, INC. | |||||
(Registrant) | |||||
By: /s/ David J. Lesar | |||||
David J. Lesar | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ DAVID J. LESAR | President, Chief Executive Officer and | |||||||
David J. Lesar | Director (Principal Executive Officer and Director) | |||||||
/s/ JASON P. WELLS | Executive Vice President and Chief | |||||||
Jason P. Wells | Financial Officer (Principal Financial Officer) | |||||||
/s/ STACEY PETERSON | Senior Vice President and Chief | |||||||
Stacey Peterson | Accounting Officer (Principal Accounting Officer) | |||||||
/s/ LESLIE D. BIDDLE | Director | |||||||
Leslie D. Biddle | ||||||||
/s/ WENDOLYNN MONTOYA CLOONAN | Director | |||||||
Wendolynn Montoya Cloonan | ||||||||
/s/ EARL M. CUMMINGS | Director | |||||||
Earl M. Cummings | ||||||||
/s/ RAQUELLE W. LEWIS | Director | |||||||
Raquelle W. Lewis | ||||||||
/s/ MARTIN H. NESBITT | Director | |||||||
Martin H. Nesbitt | ||||||||
/s/ THEODORE F. POUND | Director | |||||||
Theodore F. Pound | ||||||||
/s/ PHILLIP R. SMITH | Director | |||||||
Phillip R. Smith | ||||||||
/s/ BARRY T. SMITHERMAN | Director | |||||||
Barry T. Smitherman |
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | |||||
(Registrant) | |||||
By: | /s/ SCOTT E. DOYLE | ||||
Scott E. Doyle | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ SCOTT E. DOYLE | Manager, President and Chief Executive Officer | |||||||
(Scott E. Doyle) | (Principal Executive Officer) | |||||||
/s/ JASON P. WELLS | Executive Vice President and Chief Financial Officer | |||||||
(Jason P. Wells) | (Principal Financial Officer) | |||||||
/s/ STACEY PETERSON | Senior Vice President and Chief Accounting Officer | |||||||
(Stacey Peterson) | (Principal Accounting Officer) |
CENTERPOINT ENERGY RESOURCES CORP. | |||||
(Registrant) | |||||
By: | /s/ SCOTT E. DOYLE | ||||
Scott E. Doyle | |||||
President and Chief Executive Officer |
Signature | Title | |||||||
/s/ SCOTT E. DOYLE | Chairman, President and Chief Executive Officer | |||||||
(Scott E. Doyle) | (Principal Executive Officer and Director) | |||||||
/s/ JASON P. WELLS | Executive Vice President and Chief Financial Officer | |||||||
(Jason P. Wells) | (Principal Financial Officer) | |||||||
/s/ STACEY PETERSON | Senior Vice President and Chief Accounting Officer | |||||||
(Stacey Peterson) | (Principal Accounting Officer) |
• | the designation of the series, |
• | dividend rates and payment dates, |
• | whether dividends will be cumulative, non-cumulative or partially cumulative, and related terms, |
• | redemption rights, |
• | liquidation rights, |
• | sinking fund provisions, |
• | conversion rights, |
• | voting rights, and |
• | any other terms. |
• | the title of the preferred stock, |
• | the maximum number of shares of the series, |
• | the dividend rate or the method of calculating the dividend, the date from which dividends will accrue and whether dividends will be cumulative, |
• | any liquidation preference, |
• | any optional redemption provisions, |
• | any sinking fund or other provisions that would obligate us to redeem or purchase the preferred stock, |
• | any terms for the conversion or exchange of the preferred stock for other securities of us or any other entity, |
• | any voting rights, and |
• | any other preferences and relative, participating, optional or other special rights or any qualifications, limitations or restrictions on the rights of the shares. |
• | acquisition of us by means of a tender offer, |
• | acquisition of control of us by means of a proxy contest or otherwise, or |
• | removal of our incumbent officers and directors. |
• | make nominations in the election of directors, |
• | propose that a director be removed, |
• | propose any repeal or change in the Bylaws, or |
• | propose any other business to be brought before an annual or special meeting of shareholders. |
• | the shareholder’s status as a shareholder, |
• | the number of shares beneficially owned by the shareholder, |
• | a list of the persons with whom the shareholder is acting in concert, and |
• | the number of shares such persons beneficially own. |
• | in connection with an annual meeting of shareholders, not less than 90 days nor more than 180 days prior to the first anniversary of the date on which the immediately preceding year’s annual meeting of shareholders was held; provided that if the date of the annual meeting is advanced by more than 30 days prior to or delayed by more than 60 days after the first anniversary of the preceding year’s annual meeting of shareholders, not earlier than 180 days prior to the annual meeting and not later than the last to occur of (i) the 90th day prior to the annual meeting or (ii) the 10th day following the day on which we first make public announcement of the date of the annual meeting, or |
• | in connection with the nomination of director candidates at a special meeting of shareholders, generally not less than 40 days nor more than 60 days prior to the date of the special meeting. |
• | any breach of the director’s duty of loyalty to us or our shareholders, |
• | any act or omission not in good faith that constitutes a breach of duty of the director to the corporation or that involves intentional misconduct or a knowing violation of law, |
• | a transaction from which the director received an improper benefit, regardless of whether or not the benefit resulted from an action taken within the scope of a director’s duties, and |
• | an act or omission for which the liability of a director is expressly provided for by statute. |
• | are general unsecured obligations, | |||||||
• | rank equally in right of payment with all of our other existing and future unsecured and unsubordinated indebtedness, and | |||||||
• | with respect to the assets and earnings of our subsidiaries, structurally rank below all of the liabilities of our subsidiaries. |
• | is payable semi-annually in arrears on each May 1 and November 1, | |||||||
• | is payable to the person in whose name the notes are registered at the close of business on the April 15 and October 15 immediately preceding the applicable interest payment date, which we refer to with respect to the notes as “regular record dates,” | |||||||
• | is computed on the basis of a 360-day year comprised of twelve 30-day months, and |
• | is payable on overdue interest to the extent permitted by law at the same rate as interest is payable on principal. |
• | 100% of the principal amount of the notes to be redeemed, plus | |||||||
• | accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, plus | |||||||
• | the make-whole premium described below, if any. |
• | each interest payment that, but for such redemption, would have been payable on the note or portion thereof being redeemed on each interest payment date occurring after the redemption date (excluding any accrued and unpaid interest for the period prior to the redemption date), and | |||||||
• | the principal amount that, but for such redemption, would have been payable at the final maturity of the note or portion thereof being redeemed, over |
• | liens on any property held or used by us or a subsidiary in connection with the exploration for, development of or production of, oil, gas, natural gas (including liquefied gas and storage gas), other hydrocarbons, helium, coal, metals, minerals, steam, timber, geothermal or other natural resources or synthetic fuels, such properties to include, but not be limited to, our or a subsidiary’s interest in any mineral fee interests, oil, gas or other mineral leases, royalty, overriding royalty or net profits interests, production payments and other similar interests, wellhead production equipment, tanks, field gathering lines, leasehold or field separation and processing facilities, compression facilities and other similar personal property and fixtures, | |||||||
• | liens on oil, gas, natural gas (including liquefied gas and storage gas), other hydrocarbons, helium, coal, metals, minerals, steam, timber, geothermal or other natural resources or synthetic fuels produced or recovered from any property, an interest in which is owned or leased by us or a subsidiary, | |||||||
• | liens (or certain extensions, renewals or refundings thereof) upon any property acquired, constructed or improved before or after the date the notes are first issued, which liens were or are created at the later of the time of acquisition or commercial operation thereof, or within one year thereafter to secure all or a portion of the purchase price thereof or the cost of construction or improvement, or existing thereon at the date of acquisition, provided that every such mortgage, pledge, lien or encumbrance applies only to the property so acquired or constructed and fixed improvements thereon, | |||||||
• | liens upon any property of any entity acquired by any entity that is or becomes a subsidiary after the date the notes are first issued, each of which we refer to as an “acquired entity,” provided that every such mortgage, pledge, lien or encumbrance: |
• | will either: |
• | exist prior to the time the acquired entity becomes a subsidiary, or | |||||||
• | be created at the time the acquired entity becomes a subsidiary or within one year thereafter to secure payment of the acquisition price thereof, and |
• | will only apply to those properties owned by the acquired entity at the time it becomes a subsidiary or thereafter acquired by it from sources other than us or any other subsidiary, |
• | pledges of current assets, in the ordinary course of business, to secure current liabilities, | |||||||
• | deposits, including among others, good faith deposits in connection with tenders, leases of real estate or bids or contracts, or liens, including among others, liens reserved in leases and mechanics’ or materialmen’s liens, to secure certain duties or public or statutory obligations, | |||||||
• | liens upon any office, data processing or transportation equipment, | |||||||
• | liens created or assumed in connection with the issuance of debt securities, the interest on which is excludable from gross income of the holder of such security pursuant to the Internal Revenue Code, for the purpose of financing the acquisition or construction of property to be used by us or a subsidiary, | |||||||
• | pledges or assignments of accounts receivable or conditional sales contracts or chattel mortgages and evidence of indebtedness secured thereby, received in connection with the sale of goods or merchandise to customers, or | |||||||
• | certain liens for taxes, judgments and attachments. |
• | we or such subsidiary would be entitled under the indenture to incur indebtedness secured by a lien on the principal property to be leased, without equally and ratably securing the notes, pursuant to the exceptions provided in the third and fourth bullet points of the second sentence of “— Limitations on Liens” above, or | |||||||
• | within 120 days after the sale or transfer of the principal property, we apply an amount not less than the fair value of such property: |
• | to the payment or other retirement of our long-term indebtedness or long-term indebtedness of a subsidiary, in each case ranking senior to or on parity with the notes, or | |||||||
• | to the purchase at not more than the fair value of principal property (other than that involved in such sale and leaseback transaction). |
• | total current liabilities (excluding indebtedness due within 12 months), | |||||||
• | all reserves for depreciation and other asset valuation reserves, but excluding reserves for deferred federal income taxes, | |||||||
• | all intangible assets such as goodwill, trademarks, trade names, patents and unamortized debt discount and expense carried as an asset, and | |||||||
• | all appropriate adjustments on account of minority interests of other persons holding common stock of any subsidiary, all as reflected in our most recent audited consolidated balance sheet preceding the date of such determination. |
• | obligations for money borrowed, other than unamortized debt discount or premium, | |||||||
• | obligations evidenced by a note or similar instrument given in connection with the acquisition of any business, properties or assets of any kind, | |||||||
• | obligations as lessee under a capital lease, and | |||||||
• | amendments, renewals, extensions, modifications and refundings of any such indebtedness or obligation listed in the three immediately preceding bullet points. |
• | our failure to pay principal or premium, if any, on the notes when due, | |||||||
• | our failure to pay any interest on the notes for 30 days, | |||||||
• | our failure to perform, or our breach in any material respect of, any other covenant or warranty in the indenture, other than a covenant or warranty included in the indenture solely for the benefit of another series of our debt securities issued under the indenture, for 90 days after either the trustee or holders of at least 25% in principal amount of the outstanding notes of that series have given us written notice of the breach in the manner required by the indenture, | |||||||
• | the default by us or any subsidiary, other than a project finance subsidiary, of ours in the payment, when due, after the expiration of any applicable grace period, of principal of indebtedness for money borrowed, other than non-recourse debt, in the aggregate principal amount then outstanding of $50 million or more, or acceleration of any indebtedness for money borrowed in such aggregate principal amount so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such acceleration is not rescinded or such default is not cured within 30 days after notice to us in accordance with the indenture, and |
• | specified events involving bankruptcy, insolvency or reorganization, |
• | the direction is not in conflict with any law or the indenture, | |||||||
• | the trustee may take any other action it deems proper which is not inconsistent with the direction, and | |||||||
• | the trustee will generally have the right to decline to follow the direction if an officer of the trustee determines, in good faith, that the proceeding would involve the trustee in personal liability or would otherwise be contrary to applicable law. (Section 512) |
• | the holder has previously given the trustee written notice of a continuing event of default for the notes, | |||||||
• | holders of at least 25% in principal amount of the outstanding notes have made a written request to the trustee to pursue that remedy, | |||||||
• | the holders have offered reasonable indemnity to the trustee, | |||||||
• | the trustee fails to pursue that remedy within 60 days after receipt of the notice, request and offer of indemnity, and | |||||||
• | during that 60-day period, the holders of a majority in principal amount of the notes do not give the trustee a direction inconsistent with the request. (Section 507) |
• | we will be discharged from our obligations with respect to the notes (“legal defeasance”), or | |||||||
• | we will no longer have any obligation to comply with the restrictive covenants under the indenture, and the related events of default in the third and fourth bullet points under “— Events of Default” above and the restrictions described under “— Consolidation, Merger and Sale of Assets” below will no longer apply to us, but some of our other obligations under the indenture and the notes, including our obligation to make payments on those notes, will survive. |
• | register the transfer or exchange of the notes, | |||||||
• | replace mutilated, destroyed, lost or stolen notes, and | |||||||
• | maintain paying agencies and hold moneys for payment in trust. |
• | the successor person is a corporation, partnership, trust or other entity organized and validly existing under the laws of the United States of America or any state thereof or the District of Columbia, | |||||||
• | the successor person expressly assumes our obligations with respect to the debt securities and the indenture, | |||||||
• | immediately after giving effect to the transaction, no event of default, and no event which, after notice or lapse of time or both, would become an event of default, would occur and be continuing, and | |||||||
• | we have delivered to the trustee the certificates and opinions required under the indenture. (Section 801) |
• | designate additional transfer agents, | |||||||
• | rescind the designation of any transfer agent, or | |||||||
• | approve a change in the office of any transfer agent. |
• | during the period beginning at the opening of business 15 days before the day we mail the notice of redemption for such notes and ending at the close of business on the day the notice is mailed, or | |||||||
• | if we have selected such notes for redemption, in whole or in part, except for the unredeemed portion of such notes. (Section 305) |
• | DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered under Section 17A of the Securities Exchange Act of 1934. | |||||||
• | DTC holds securities that its participants deposit with DTC and facilitates the settlement among participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants’ accounts, thereby eliminating the need for physical movement of securities certificates. | |||||||
• | Direct participants include securities brokers and dealers, banks, trust companies, clearing corporations and other organizations. | |||||||
• | DTC is owned by a number of its direct participants and by The New York Stock Exchange, Inc., the American Stock Exchange LLC and the Financial Industry Regulatory Authority, Inc. | |||||||
• | Access to the DTC system is also available to others such as securities brokers and dealers, banks and trust companies that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly. | |||||||
• | The rules applicable to DTC and its direct and indirect participants are on file with the SEC. |
• | upon deposit of the global notes with DTC or its custodian, DTC will credit on its internal system the accounts of direct participants designated by the underwriters with portions of the principal amounts of the global notes; and |
• | ownership of the notes will be shown on, and the transfer of ownership thereof will be effected only through, records maintained by DTC or its nominee, with respect to interests of direct participants, and the records of direct and indirect participants, with respect to interests of persons other than participants. |
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3 |
4 |
5 |
6 |
7 |
CENTERPOINT ENERGY, INC. By:/s/ David J. Lesar David J. Lesar President and Chief Executive Officer | |||||
ATTEST: /s/ Vincent A. Mercaldi Vincent A. Mercaldi Assistant Corporate Secretary |
8 |
/s/ DAVE J. LESAR | |||||
Dave J. Lesar | |||||
President and Chief Executive Officer |
/s/ SCOTT E. DOYLE | |||||
Scott E. Doyle | |||||
Manager, President and Chief Executive Officer |
/s/ SCOTT E. DOYLE | ||
Scott E. Doyle | ||
President and Chief Executive Officer |
/s/ JASON P. WELLS | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer |
/s/ JASON P. WELLS | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer |
/s/ JASON P. WELLS | ||
Jason P. Wells | ||
Executive Vice President and Chief Financial Officer |
/s/ DAVE J. LESAR | |||||
Dave J. Lesar | |||||
President and Chief Executive Officer | |||||
February 22, 2022 |
/s/ SCOTT E. DOYLE | |||||
Scott E. Doyle | |||||
Manager, President and Chief Executive Officer | |||||
February 22, 2022 |
/s/ SCOTT E. DOYLE | ||
Scott E. Doyle | ||
President and Chief Executive Officer | ||
February 22, 2022 |
/s/ JASON P. WELLS | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
February 22, 2022 |
/s/ JASON P. WELLS | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
February 22, 2022 |
/s/ JASON P. WELLS | ||
Jason P. Wells | ||
Executive Vice President and Chief Financial Officer | ||
February 22, 2022 |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 34 |
Houston Electric | |
Auditor [Line Items] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 34 |
CERC Corp | |
Auditor [Line Items] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 34 |
STATEMENTS OF CONSOLIDATED INCOME (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Statement [Abstract] | |||
Income tax expense (benefit) from discontinued operations | $ 201 | $ (333) | $ 108 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Other Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,486 | $ (773) | $ 791 |
Other comprehensive income (loss): | |||
Adjustment to pension and other postretirement plans | 21 | (5) | 12 |
Net deferred loss from cash flow hedges | 0 | 0 | (2) |
Reclassification of deferred loss from cash flow hedges realized in net income | 2 | 0 | 1 |
Reclassification of net deferred losses from cash flow hedges | 0 | 15 | 0 |
Other comprehensive loss from unconsolidated affiliates, net of tax | 3 | (2) | (1) |
Total | 26 | 8 | 10 |
Comprehensive income (loss) | 1,512 | (765) | 801 |
Income allocated to preferred shareholders | 95 | 176 | 117 |
Comprehensive income (loss) available to common shareholders | $ 1,417 | $ (941) | $ 684 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Other Comprehensive Income [Abstract] | |||
Adjustment to other postemployment plans, tax | $ 7 | $ 0 | $ 4 |
Deferred loss from cash flow hedge, tax | 0 | 0 | (1) |
Reclassification of deferred loss from cash flow hedges realized in net income, tax | 0 | 0 | 0 |
Reclassification of net deferred losses from cash flow hedge, tax | 0 | 4 | 0 |
Other comprehensive loss from unconsolidated affiliates, tax | $ 0 | $ 0 | $ 0 |
STATEMENTS OF CONSOLIDATED CHANGES IN EQUITY (Parenthetical) - $ / shares |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Cumulative preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Cumulative preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Series A Preferred Stock | |||
Cumulative preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Series B Preferred Stock | |||
Cumulative preferred stock, par value (in dollars per share) | 0.01 | 0.01 | 0.01 |
Series C Preferred Stock | |||
Cumulative preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - HOUSTON ELECTRIC - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Net income (loss) | $ 1,486 | $ (773) | $ 791 |
Other comprehensive income (loss): | |||
Net deferred loss from cash flow hedges | 0 | 0 | (2) |
Reclassification of deferred loss from cash flow hedges realized in net income | 2 | 0 | 1 |
Net current period other comprehensive income (loss) | 26 | 8 | 10 |
Comprehensive income (loss) available to common shareholders | 1,417 | (941) | 684 |
Houston Electric | |||
Net income (loss) | 381 | 334 | 356 |
Other comprehensive income (loss): | |||
Net deferred loss from cash flow hedges | 0 | 0 | (1) |
Reclassification of deferred loss from cash flow hedges realized in net income | 0 | 15 | 0 |
Net current period other comprehensive income (loss) | 0 | 15 | (1) |
Comprehensive income (loss) available to common shareholders | $ 381 | $ 349 | $ 355 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - HOUSTON ELECTRIC (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Deferred loss from cash flow hedge, tax | $ 0 | $ 0 | $ (1) |
Reclassification of net deferred losses from cash flow hedge, tax | 0 | 4 | 0 |
Houston Electric | |||
Deferred loss from cash flow hedge, tax | 0 | 0 | 0 |
Reclassification of net deferred losses from cash flow hedge, tax | $ 0 | $ 4 | $ 0 |
STATEMENTS OF CONSOLIDATED CHANGES IN EQUITY - HOUSTON ELECTRIC - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in-Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Loss |
Houston Electric |
Houston Electric
Common Stock
|
Houston Electric
Additional Paid-in-Capital
|
Houston Electric
Retained Earnings (Accumulated Deficit)
|
Houston Electric
Accumulated Other Comprehensive Loss
|
---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of year (in shares) at Dec. 31, 2018 | 501,000,000 | 1,000 | ||||||||
Balance, end of year (in shares) at Dec. 31, 2019 | 502,000,000 | 1,000 | ||||||||
Balance, beginning of year at Dec. 31, 2018 | $ 5 | $ 6,072 | $ 349 | $ (108) | $ 0 | $ 1,896 | $ 800 | $ (14) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cash contribution from parent | 590 | |||||||||
Other | 0 | |||||||||
Net income (loss) | $ 791 | 791 | $ 356 | 356 | ||||||
Dividend to parent | (376) | |||||||||
Other comprehensive income | 10 | (1) | ||||||||
Balance, end of year at Dec. 31, 2019 | $ 8,359 | $ 5 | 6,080 | 632 | (98) | 3,251 | $ 0 | 2,486 | 780 | (15) |
Balance, end of year (in shares) at Dec. 31, 2020 | 551,355,861 | 551,000,000 | 1,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cash contribution from parent | 62 | |||||||||
Other | 0 | |||||||||
Net income (loss) | $ (773) | (773) | 334 | 334 | ||||||
Dividend to parent | (551) | |||||||||
Other comprehensive income | 8 | 15 | ||||||||
Balance, end of year at Dec. 31, 2020 | $ 8,348 | $ 6 | 6,914 | (845) | (90) | 3,111 | $ 0 | 2,548 | 563 | 0 |
Balance, end of year (in shares) at Dec. 31, 2021 | 628,923,534 | 629,000,000 | 1,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cash contribution from parent | 130 | |||||||||
Other | 0 | |||||||||
Net income (loss) | $ 1,486 | 1,486 | 381 | 381 | ||||||
Dividend to parent | 0 | |||||||||
Other comprehensive income | 26 | 0 | ||||||||
Balance, end of year at Dec. 31, 2021 | $ 9,415 | $ 6 | $ 8,529 | $ 154 | $ (64) | $ 3,622 | $ 0 | $ 2,678 | $ 944 | $ 0 |
STATEMENTS OF CONSOLIDATED INCOME - CERC (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income tax expense (benefit) from discontinued operations | $ 201 | $ (333) | $ 108 |
CERC Corp | |||
Income tax expense (benefit) from discontinued operations | $ 0 | $ (2) | $ 17 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - CERC - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Net income (loss) | $ 1,486 | $ (773) | $ 791 |
Other comprehensive income (loss): | |||
Adjustment to pension and other postretirement plans | 21 | (5) | 12 |
Net current period other comprehensive income (loss) | 26 | 8 | 10 |
Comprehensive income (loss) available to common shareholders | 1,417 | (941) | 684 |
CERC Corp | |||
Net income (loss) | 254 | 81 | 212 |
Other comprehensive income (loss): | |||
Adjustment to pension and other postretirement plans | 0 | 0 | 5 |
Net current period other comprehensive income (loss) | 0 | 0 | 5 |
Comprehensive income (loss) available to common shareholders | $ 254 | $ 81 | $ 217 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - CERC (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Adjustment to other postemployment plans, tax | $ 7 | $ 0 | $ 4 |
CERC Corp | |||
Adjustment to other postemployment plans, tax | $ 1 | $ 1 | $ 2 |
CONSOLIDATED BALANCE SHEETS - CERC (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Bad debt reserve | $ 44 | $ 52 |
Accrued unbilled revenues, allowance for credit loss | 6 | 5 |
CERC Corp | ||
Bad debt reserve | 39 | 45 |
Accrued unbilled revenues, allowance for credit loss | $ 5 | $ 4 |
STATEMENTS OF CONSOLIDATED CHANGES IN EQUITY - CERC - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in-Capital |
Retained Earnings (Accumulated Deficit) |
Retained Earnings (Accumulated Deficit)
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated Other Comprehensive Loss |
CERC Corp |
CERC Corp
Common Stock
|
CERC Corp
Additional Paid-in-Capital
|
CERC Corp
Additional Paid-in-Capital
Discontinued Operations
|
CERC Corp
Retained Earnings (Accumulated Deficit)
|
CERC Corp
Retained Earnings (Accumulated Deficit)
Cumulative Effect, Period of Adoption, Adjustment
|
CERC Corp
Accumulated Other Comprehensive Loss
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of year (in shares) at Dec. 31, 2018 | 501,000,000 | 1,000 | |||||||||||
Balance, end of year (in shares) at Dec. 31, 2019 | 502,000,000 | 1,000 | |||||||||||
Balance, beginning of year at Dec. 31, 2018 | $ 5 | $ 6,072 | $ 349 | $ 0 | $ (108) | $ 0 | $ 2,015 | $ 423 | $ 5 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cash contribution from parent | 129 | ||||||||||||
Other | 0 | $ 0 | |||||||||||
Capital distribution to parent associated with Internal Spin | (28) | ||||||||||||
Net income (loss) | $ 791 | 791 | $ 212 | 212 | |||||||||
Dividend to parent | (120) | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||||||||||
Other comprehensive income | 10 | 5 | |||||||||||
Balance, end of year at Dec. 31, 2019 | $ 8,359 | $ 5 | 6,080 | 632 | (7) | (98) | 2,641 | $ 0 | 2,116 | 515 | $ (5) | 10 | |
Balance, end of year (in shares) at Dec. 31, 2020 | 551,355,861 | 551,000,000 | 1,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cash contribution from parent | 217 | ||||||||||||
Other | (1) | (286) | |||||||||||
Capital distribution to parent associated with Internal Spin | 0 | ||||||||||||
Net income (loss) | $ (773) | (773) | 81 | 81 | |||||||||
Dividend to parent | (80) | ||||||||||||
Other comprehensive income | 8 | 0 | |||||||||||
Balance, end of year at Dec. 31, 2020 | $ 8,348 | $ 6 | 6,914 | (845) | $ 0 | (90) | 2,567 | $ 0 | 2,046 | 511 | 10 | ||
Balance, end of year (in shares) at Dec. 31, 2021 | 628,923,534 | 629,000,000 | 1,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cash contribution from parent | 180 | ||||||||||||
Other | 0 | $ 0 | |||||||||||
Capital distribution to parent associated with Internal Spin | 0 | ||||||||||||
Net income (loss) | $ 1,486 | 1,486 | 254 | 254 | |||||||||
Dividend to parent | 0 | ||||||||||||
Other comprehensive income | 26 | 0 | |||||||||||
Balance, end of year at Dec. 31, 2021 | $ 9,415 | $ 6 | $ 8,529 | $ 154 | $ (64) | $ 3,001 | $ 0 | $ 2,226 | $ 765 | $ 10 |
Background |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | Background General. This combined Form 10-K 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 combined Form 10-K 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. As of December 31, 2021, CenterPoint Energy’s operating subsidiaries were as follows: •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 six states and (ii) owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP. •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 in and 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 in and near Dayton in west-central Ohio. •Vectren performs non-utility activities through Energy Systems Group, which provides energy performance contracting and sustainable infrastructure services, such as renewables, distributed generation and combined heat and power projects. For a description of CenterPoint Energy’s reportable segments, see Note 18. Houston Electric consists of a single reportable segment, Houston Electric T&D and CERC consists of a single reportable segment, Natural Gas. Held for Sale and Discontinued Operations. On January 10, 2022, CERC Corp. completed the sale of its Arkansas and Oklahoma Natural Gas businesses. For additional information regarding held for sale, discontinued operations and divestitures, see Note 4.
|
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a)Use of Estimates 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. (b)Principles of Consolidation 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 provided underground pipeline construction and repair services for customers that included Natural Gas utilities. In accordance with consolidation guidance in ASC 980—Regulated Operations, costs incurred by Natural Gas utilities for these pipeline construction and repair services were not eliminated in consolidation when capitalized and included in rate base by the Natural Gas utility. 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, 2021, 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. (c)Equity Method and Investments without a Readily Determinable Fair Value (CenterPoint Energy) CenterPoint Energy uses the equity method for investments in entities when it exercises significant influence, does not have control and is not considered the primary beneficiary, if applicable. Generally, equity investments in limited partnerships with interest greater than approximately 3-5% is accounted for under the equity method. 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. (d)Revenues 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/AMI data, supply volumes, estimated line loss and applicable tariff 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. 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. No long-lived asset or intangible asset impairments were recorded in 2021, 2020 or 2019. 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. 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 2021, 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 within the Electric reportable segment and the Natural Gas 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.
(1)Included in Interest and other finance charges on the Registrants’ respective Statements of Consolidated Income, inclusive of $16 million, $13 million and $21 million of debt post in-service carrying costs on property, plant and equipment, primarily in Indiana, deferred into a regulatory asset in the years ended December 31, 2021, 2020 and 2019, respectively. (2)Included in Other Income (Expense) on the Registrants’ respective Statements of Consolidated Income. (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. 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. See Note 15 for further discussion. 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 Credit Losses Accounts receivable are recorded at the invoiced amount and do not bear interest. Management reviews historical write-offs, current available information, and reasonable and supportable forecasts to estimate and establish allowance for credit losses. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. See Note 7 for further information about regulatory deferrals of bad debt expense related to COVID-19. (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. Certain natural gas in storage at CenterPoint Energy’s and CERC’s utilities are recorded using the LIFO method. CenterPoint Energy’s and CERC’s balances in inventory that were valued using LIFO method were as follows:
(1)Based on the average cost of gas purchased during December 2021, CenterPoint Energy’s and CERC’s cost of replacing inventories carried at LIFO cost was less than the carrying value at December 31, 2021 by $48 million and $-0-, respectively. (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, from time to time, 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 elected to record changes in the fair value of amounts excluded from the assessment of effectiveness immediately in its Statements of Consolidated Income. (p) Investments in Equity Securities (CenterPoint Energy) CenterPoint Energy reports equity securities at estimated fair value in the Consolidated Balance Sheets, and any gains and losses, net of any transaction costs, are recorded as Gain (Loss) on Equity Securities in the 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, 2021 and 2020 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 19. (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 Management believes that other recently adopted and recently issued accounting 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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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment (a) Property, Plant and Equipment Property, plant and equipment includes the following:
(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, 2021, is $196 million with accumulated depreciation totaling $154 million. AGC and SIGECO share equally in the cost of operation and output of the unit. SIGECO’s share of operating costs is included in Operation and maintenance expense in CenterPoint Energy’s Statements of Consolidated Income. (b) Depreciation and Amortization The following table presents depreciation and amortization expense for 2021, 2020 and 2019:
(c) AROs The Registrants recorded AROs associated with the removal of asbestos and asbestos-containing material in its buildings, including substation building structures. CenterPoint Energy recorded AROs relating to the closure of the ash ponds at A.B. Brown and F.B. Culley. CenterPoint Energy and Houston Electric also recorded AROs relating to treated wood poles for electric distribution, distribution transformers containing PCB (also known as Polychlorinated Biphenyl), and underground fuel storage tanks. CenterPoint Energy and CERC also recorded AROs relating to gas pipelines abandoned in place. The estimates of future liabilities were developed using historical information, and where available, quoted prices from outside contractors. 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:
(1)Reflected in Regulatory assets on each of the Registrants’ respective Consolidated Balance Sheets. (2)In 2021, the Registrants 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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Held for Sale, Divestitures and Mergers (CenterPoint Energy and CERC) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held for Sale, Divestitures and Mergers (CenterPoint Energy and CERC) | (4) Held for Sale, Divestitures and Mergers (CenterPoint Energy and CERC) Held for Sale Held for Sale. On April 29, 2021, CenterPoint Energy, through its subsidiary CERC Corp., entered into an Asset Purchase Agreement to sell its Arkansas and Oklahoma Natural Gas businesses for $2.15 billion in cash, including recovery of approximately $425 million in gas cost, including storm-related incremental natural gas costs incurred in the February 2021 Winter Storm Event, subject to certain adjustments set forth in the Asset Purchase Agreement. The assets include approximately 17,000 miles of main pipeline in Arkansas, Oklahoma and certain portions of Bowie County, Texas serving more than half a million customers. The Arkansas and Oklahoma Natural Gas businesses are reflected in CenterPoint Energy’s Natural Gas reportable segment and CERC’s single reportable segment, as applicable. Filings were made on June 11, 2021 to the APSC and June 24, 2021 to the OCC requesting approval of the transaction. On August 18, 2021, the Hart-Scott-Rodino antitrust waiting period expired. On October 14, 2021, a unanimous settlement agreement was filed with the APSC resolving all matters associated with the sale and the FRP. As part of the settlement agreement, CERC committed to provide $22 million in cash at the closing of the transaction, which will be passed through to Arkansas customers. CERC also committed to return any insurance proceeds it may receive for claims submitted with respect to Arkansas, if any, for costs incurred as part of the February 2021 Winter Storm Event to reduce the balance of the incurred costs. The settlement agreement also provides for the extinguishment of CERC’s obligation to refund through the FRP approximately $10 million as of December 31, 2021. On November 16, 2021, the OCC issued its order approving the transaction, and the order became non-appealable on December 16, 2021. On December 6, 2021, the APSC issued its order approving the transaction, and the order became non-appealable on January 5, 2022. The transaction closed on January 10, 2022. In April 2021, certain assets and liabilities representing the Arkansas and Oklahoma Natural Gas businesses met the held for sale criteria. The sale is considered an asset sale for tax purposes, requiring net deferred tax liabilities to be excluded from held for sale balances. The deferred taxes associated with the businesses were recognized as a deferred income tax benefit by CenterPoint Energy and CERC upon closing in 2022. Although the Arkansas and Oklahoma Natural Gas businesses met the held for sale criteria, their disposals do not represent a strategic shift to CenterPoint Energy and CERC, as both will retain significant operations in, and will continue to invest in, their natural gas businesses. Therefore, the assets and liabilities associated with the transaction are not reflected as discontinued operations on CenterPoint Energy’s and CERC’s Statements of Consolidated Income, as applicable, and the December 31, 2020 Consolidated Balance Sheets were not required to be recast for assets held for sale. Since the depreciation on the Arkansas and Oklahoma Natural Gas assets continued to be reflected in revenues through customer rates until the closing of the transaction and will be reflected in the carryover basis of the rate-regulated assets, CenterPoint Energy and CERC continued to record depreciation on those assets through the closing of the transaction. In September 2021, CNP Midstream entered into the Forward Sale Agreement to sell certain Energy Transfer Common Units upon the completion of the Enable Merger. Additionally, CenterPoint Energy’s announced plan to exit its Midstream Investment reportable segment by the end of 2022 represented a strategic shift that will have a major effect on CenterPoint Energy’s operations or financial results, and as such, its equity investment in Enable are classified and presented as discontinued operations. Equity method investments that qualify for discontinued operations are also presented as assets held for sale. Therefore, the equity in earnings (loss) of unconsolidated affiliates, net of tax, associated with the equity investment in Enable are reflected as discontinued operations on CenterPoint Energy’s Statements of Consolidated Income, and the December 31, 2020 Consolidated Balance Sheet was required to be recast for assets held for sale. For further information about CenterPoint Energy’s equity investment in Enable, see Note 11. 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. Neither CenterPoint Energy nor CERC recognized any gains or losses on the measurement of assets held for sale during the year ended December 31, 2021. See Note 6 for further information about the allocation of goodwill to the businesses to be disposed. The assets and liabilities of the Arkansas and Oklahoma Natural Gas businesses and equity method investment in Enable classified as held for sale in CenterPoint Energy’s and CERC’s Consolidated Balance Sheets, as applicable, included the following:
(1)Balance of $782 million as of December 31, 2020 is reported as Non-current assets held for sale on CenterPoint Energy’s Consolidated Balance Sheets. (2)Represents third-party AMAs associated with utility distribution service in Arkansas and Oklahoma. These transactions are accounted for as an inventory financing. For further information, see Notes 14 and 16. The pre-tax income for the Arkansas and Oklahoma Natural Gas businesses, excluding interest and corporate allocations, included in CenterPoint Energy’s and CERC’s Statements of Consolidated Income is as follows:
Discontinued Operations Enable Merger. On December 2, 2021, Enable, completed the previously announced Enable Merger pursuant to the Enable Merger Agreement entered into on February 16, 2021. Pursuant to the terms of the Enable Merger Agreement, (i) Elk Merger Sub merged with and into Enable, with Enable surviving as a wholly owned subsidiary of Energy Transfer, (ii) Elk GP Merger Sub merged with and into Enable GP, with Enable GP surviving as a direct wholly owned subsidiary of Energy Transfer and (iii) CenterPoint Energy contributed, assigned, transferred, conveyed and delivered to Energy Transfer, and Energy Transfer acquired, assumed, accepted and received from CenterPoint Energy, all of CenterPoint Energy’s right, title and interest in each Enable Series A Preferred Units issued and outstanding at such time in exchange for 0.0265 newly issued Energy Transfer Series G Preferred Units for each Enable Series A Preferred Unit. Upon the consummation of the transactions contemplated by the Enable Merger Agreement, the agreements relating to Enable between CenterPoint Energy, OGE and Enable and certain of their affiliates terminated, and CenterPoint Energy paid $30 million to OGE. The Enable Series A Preferred Units are accounted for under Topic 321 - Investments - Equity Securities and are out of scope for held-for-sale and discontinued operations guidance. At the closing of the Enable Merger on December 2, 2021, Energy Transfer acquired 100% of Enable’s outstanding common units, resulting in the exchange of Enable Common Units owned by CenterPoint Energy at the Enable Merger exchange ratio of 0.8595x Energy Transfer Common Units for each Enable Common Unit. CenterPoint Energy also received $5 million in cash in exchange for its interest in the Enable GP. See Note 19 for supplemental information regarding the non-cash exchange transaction. See Note 12 for further information regarding Energy Transfer security equities. 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 agreed to purchase 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. The transaction closed on April 9, 2020 for $850 million in cash, subject to the working capital adjustment. Additionally, as of December 31, 2020, CenterPoint Energy had a receivable from PowerTeam Services for working capital and other adjustments set forth in the Security Purchase Agreement. CenterPoint Energy collected a receivable of $4 million from PowerTeam Services in January 2021 for full and final settlement of the working capital adjustment under the Securities Purchase Agreement. In February 2020, certain assets and liabilities representing the Infrastructure Services Disposal Group met the held for sale criteria and represented all of the businesses within the reporting unit. 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. The sale was considered an asset sale for tax purposes, requiring net deferred tax liabilities of approximately $129 million as of April 9, 2020, the date the transaction closed, to be recognized as a deferred income tax benefit by CenterPoint Energy. Additionally, CenterPoint Energy recognized a current tax expense of $158 million during the year ended December 31, 2020, as a result of the cash taxes payable upon sale. Upon classifying the Infrastructure Services Disposal Group as held for sale and in connection with the preparation of CenterPoint Energy’s financial statements as of March 31, 2020, CenterPoint Energy recorded a goodwill impairment of approximately $82 million, plus an additional loss of $14 million for cost to sell, during the year ended December 31, 2020. Additionally, CenterPoint Energy recognized a net pre-tax loss of $6 million in connection with the closing of the disposition of the Infrastructure Services Disposal Group during the year ended December 31, 2020, respectively. In the Securities Purchase Agreement, CenterPoint Energy agreed to a mechanism to reimburse PowerTeam Services subsequent to closing of the sale for certain amounts of specifically identified change orders that may be ultimately rejected by one of VISCO’s customers as part of on-going audits. CenterPoint Energy’s maximum contractual exposure under the Securities Purchase Agreement, in addition to the amount reflected in the working capital adjustment, for these change orders is $21 million. 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. CenterPoint Energy anticipates this matter will be resolved in 2022. 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 Symmetry Energy Solutions Acquisition. This transaction did not include CEIP and its assets or MES. Symmetry Energy Solutions Acquisition 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, and inclusive of an estimate of the cash adjustment for the Energy Services Disposal Group’s net working capital at closing, indebtedness and transaction expenses. The transaction closed on June 1, 2020 for approximately $286 million in cash, subject to the working capital adjustment. CenterPoint Energy collected a receivable of $79 million from Symmetry Energy Solutions Acquisition in October 2020 for full and final settlement of the working capital adjustment under the Equity Purchase Agreement. In February 2020, certain assets and liabilities representing the Energy Services Disposal Group met the criteria to be classified as held for sale and represented substantially all of the businesses within the reporting unit. In accordance with the Equity Purchase Agreement, CES was 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. The sale was considered an asset sale for tax purposes, requiring the net deferred tax liability of approximately $4 million as of June 1, 2020, the date the transaction closed, to be recognized as a deferred tax benefit by CenterPoint Energy and CERC upon closing. Additionally, CenterPoint Energy and CERC recognized current tax expense of $4 million during the year ended December 31, 2020, respectively, as a result of the cash taxes payable upon sale. Upon classifying the Energy Services Disposal Group as held for sale and in connection with the preparation of CenterPoint Energy’s and CERC’s respective financial statements as of March 31, 2020, CenterPoint Energy and CERC recorded a goodwill impairment of approximately $62 million during the year ended December 31, 2020. Additionally, CenterPoint Energy recognized a loss on assets held for sale of approximately $31 million, plus an additional loss $6 million for cost to sell, recorded only at CenterPoint Energy during the year ended December 31, 2020, respectively. CenterPoint Energy and CERC recognized a gain on sale of $3 million during the year ended December 31, 2020. As a result of the sale of the Energy Services and Infrastructure Services Disposal Groups, there were no assets or liabilities classified as held for sale as of December 31, 2020. Because the Infrastructure Services and Energy Services Disposal Groups met the held for sale criteria and their disposals also represent a strategic shift to CenterPoint Energy and CERC, as applicable, the earnings and expenses directly associated with these dispositions, including operating results of the businesses through the date of sale, are reflected as discontinued operations on CenterPoint Energy’s and CERC’s Statements of Consolidated Income, as applicable. As a result, prior periods have also been recast to reflect the earnings or losses from such businesses as income from discontinued operations, net of tax. A summary of discontinued operations presented in CenterPoint Energy’s Statements of Consolidated Income is as follows:
(1)CenterPoint Energy recognized a loss of $1,428 million from its investment in Enable for the year ended December 31, 2020. This loss included an impairment charge on CenterPoint Energy’s investment in Enable of $1,541 million and CenterPoint Energy’s interest in Enable’s $225 million impairment on an equity method investment. (2)Loss from classification to held for sale is inclusive of goodwill impairments, gains and losses recognized upon sale, and for CenterPoint Energy, its costs to sell. (3)Reflects February 1, 2019 to December 31, 2019 results only due to the Merger. (4)Includes CenterPoint Energy’s share of Enable’s $86 million goodwill impairment recorded in the fourth quarter of 2019. A summary of the Energy Services Disposal Group presented as discontinued operations in CERC’s Statements of Consolidated Income, as applicable, is as follows:
(1)Loss from classification to held for sale is inclusive of goodwill impairment, gains and losses recognized upon sale, and for CenterPoint Energy, its costs to sell. CenterPoint Energy and CERC have elected not to separately disclose discontinued operations on their respective Condensed Statements of Consolidated Cash Flows. Except as discussed in Note 2, 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 as applicable:
(1)Reflects February 1, 2019 to December 31, 2019 results only due to the Merger.
Other Sale Related Matters of Infrastructure Services and Energy Services (CenterPoint Energy and CERC). CES provided natural gas supply to CenterPoint Energy’s and CERC’s Natural Gas 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. Transactions between CES and CenterPoint Energy’s and CERC’s Natural Gas that were previously eliminated in consolidation have been reflected in continuing operations until the closing of the sale of the Energy Services Disposal Group. Revenues and expenses included in continuing operations were as follows:
(1)Represents charges for the period January 1, 2020 until the closing of the sale of the Energy Services Disposal Group. In the normal course of business prior to June 1, 2020, the Energy Services Disposal Group through CES traded natural gas under supply contracts and entered into natural gas related transactions under transportation, storage and other contracts. In connection with the Energy Services Disposal Group’s business activities prior to the closing of the sale of the Energy Services Disposal Group on June 1, 2020, CERC Corp. issued guarantees to certain of CES’s counterparties to guarantee the payment of CES’s obligations. For further information, see Note 16. CenterPoint Energy’s and CERC’s Natural Gas businesses had AMAs associated with their utility distribution service in Arkansas, Louisiana and Oklahoma with the Energy Services Disposal Group that expired in March 2021. See Note 16 for further information. The Infrastructure Services Disposal Group provided pipeline construction and repair services to CenterPoint Energy’s and CERC’s Natural Gas. In accordance with consolidation guidance in ASC 980—Regulated Operations, costs incurred by Natural Gas utilities for these pipeline construction and repair services are not eliminated in consolidation when capitalized and included in rate base by the Natural Gas utility. Amounts charged for these services that are not capitalized are included primarily in Operation and maintenance expenses. Fees incurred by CenterPoint Energy’s and CERC’s Natural Gas reportable segment for pipeline construction and repair services are as follows:
(1)Represents charges for the period January 1, 2020 until the closing of the sale of the Infrastructure Services Disposal Group. (2)Represents charges for the period beginning February 1, 2019 through December 31, 2019 due to the Merger. Divestiture of MES (CenterPoint Energy and CERC). CenterPoint Energy, through its subsidiary CERC Corp., completed the sale of MES on August 31, 2021 to Last Mile Energy. Prior to the transaction, MES provided temporary delivery of LNG and CNG throughout the contiguous 48 states and MES was reflected in CenterPoint Energy’s Natural Gas reportable segment and CERC’s single reportable segment, as applicable. The MES disposal does not represent a strategic shift to CenterPoint Energy and CERC, as both will retain significant operations in, and will continue to invest in, their natural gas businesses. Therefore, the assets and liabilities associated with MES are not reflected as discontinued operations on CenterPoint Energy’s and CERC’s Statements of Consolidated Income, as applicable, and the December 31, 2020 Consolidated Balance Sheets were not required to be recast for assets held for sale. CenterPoint Energy and CERC recognized a pre-tax gain on the sale of $8 million and $11 million, respectively, during year ended December 31, 2021. See Note 6 for further information about the allocation of goodwill to the MES disposal. 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 was 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 Merger Date. 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. 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:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition 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 following tables disaggregate revenues by reportable segment and major source and exclude operating revenues from the Energy Services and Infrastructure Services Disposal Groups, which are reflected as discontinued operations prior to the date of closing of each transaction. See Note 4 for further information. CenterPoint Energy
(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. Total lease income was $7 million for the year ended December 31, 2021 and $6 million for each of the years ended December 31, 2020 and 2019. (2)Reflects revenues from Vectren subsidiaries for the period from February 1, 2019 to December 31, 2019. Houston Electric
(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. Lease income was not significant for the years ended December 31, 2021, 2020, and 2019. CERC
(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. Lease income was $3 million, $2 million and less than $1 million, respectively, for the years ended December 31, 2021, 2020 and 2019. Revenues from Contracts with Customers Electric (CenterPoint Energy and Houston Electric). Houston Electric distributes electricity to customers over time and customers consume the electricity when delivered. 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, such as the PUCT and the IURC, 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 provided by Houston Electric 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 regulator. Payments are received on a monthly basis. Indiana Electric customers are billed monthly and payment terms, set by the regulator, require payment within a month of billing. Natural Gas (CenterPoint Energy and CERC). CenterPoint Energy and CERC distribute and transport 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, 2021, CenterPoint Energy’s contract assets primarily relate to Energy Systems Group 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. On an aggregate basis as of December 31, 2021, CenterPoint Energy’s contract liabilities primarily relate to Energy Systems Group 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 are as follows: CenterPoint Energy
The amount of revenue recognized in the year ended December 31, 2021 that was included in the opening contract liability was $17 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. Houston Electric
The amount of revenue recognized in the year ended December 31, 2021 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 Energy Systems Group, 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. Allowance for Credit Losses and Bad Debt Expense CenterPoint Energy and CERC segregate financial assets that fall under the scope of Topic 326, primarily trade receivables due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, among others. Houston Electric had no material changes in its methodology to recognize losses on financial assets that fall under the scope of Topic 326, primarily due to the nature of its customers and regulatory environment. For a discussion of regulatory deferrals related to COVID-19, see Note 7. The table below summarizes the Registrants’ bad debt expense amounts for 2021, 2020 and 2019, net of regulatory deferrals, including those related to COVID-19:
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Goodwill and Other Intangibles (CenterPoint Energy and CERC) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles (CenterPoint Energy and CERC) | Goodwill and Other Intangibles (CenterPoint Energy and CERC) CenterPoint Energy’s goodwill by reportable segment as of December 31, 2020 and changes in the carrying amount of goodwill as of December 31, 2021 are as follows:
CERC’s goodwill is as follows:
(1)Amount presented is net of the accumulated goodwill impairment charge of $185 million recorded in 2020. (2)Represents goodwill attributable to the Natural Gas businesses. For further information, see Note 4. (3)Represents goodwill attributable to the MES disposal. For further information, see Note 4. When a 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. As a result, goodwill attributable to the Natural Gas businesses to be disposed is classified as held for sale as of December 31, 2021, and goodwill attributable to MES was reflected in the gain on sale during the year ended December 31, 2021. 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 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 tests in the third quarter of each of 2021 and 2020 and determined that no goodwill impairment charge was required for any reporting unit as a result of those tests. In connection with their preparation of the financial statements for the three months ended March 31, 2020, CenterPoint Energy and CERC identified triggering events to perform interim goodwill impairment tests for each of their reporting units due to the macroeconomic conditions related in part to the COVID-19 pandemic and the resulting decrease in CenterPoint Energy’s enterprise market capitalization below book value from the decline in CenterPoint Energy’s Common Stock price. CenterPoint Energy’s interim impairment test in the three months ended March 31, 2020 resulted in a non-cash goodwill impairment charge in the amount of $185 million for a reporting unit, Indiana Electric, within the Electric reportable segment. The fair value analysis resulted in an implied fair value of goodwill of $936 million for this reporting unit as of March 31, 2020, and as a result, the non-cash impairment charge was recorded in the year ended December 31, 2020. CenterPoint Energy estimated the fair value of the Indiana Electric reporting unit using primarily an income approach. Under the income approach, the fair value of the reporting unit is determined by using the present value of future expected cash flows, which include management’s projections of the amount and timing of future capital expenditures and the cash inflows from the related regulatory recovery. These estimated future cash flows are then discounted using a rate that approximates the weighted average cost of capital of a market participant. The selection of the discount rate requires significant judgment. With the exception of Indiana Electric reporting unit discussed above, the fair value of each of CenterPoint Energy’s and CERC’s reporting units exceeded their carrying value, resulting in no goodwill impairment from the March 31, 2020 interim impairment test. See Note 4 for goodwill impairments included within discontinued operations. The tables below present information on CenterPoint Energy’s other intangible assets recorded in Other in Other Assets 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 in the tables below.
(1)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.
(1)Includes $5 million for the year ended December 31, 2019 of amortization expense related to intangibles acquired in the Merger. (2)Assets held for sale are not amortized. The table reflects amortization on continuing operations. For further information on discontinued operations, see Note 4. CenterPoint Energy estimates that amortization expense of intangible assets with finite lives for the next five years will be as follows:
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Regulatory Matters |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters The following is a list of regulatory assets and liabilities, excluding amounts related to the Arkansas and Oklahoma Natural Gas businesses classified as held for sale, reflected on the Registrants’ respective Consolidated Balance Sheets as of December 31, 2021 and 2020. For information about regulatory assets and liabilities in held for sale, see Note 4.
(1)Pension and postretirement-related regulatory assets balances are measured annually, and the ending amortization period may change based on the actuarial valuation. (2)Represents the following: (a) CenterPoint Energy’s allowed equity return on post in-service carrying cost generally associated with investments in Indiana; (b) Houston Electric’s allowed equity return on its true-up balance of stranded costs, other changes and related interest resulting from the formerly integrated electric utilities prior to Texas deregulation to be recovered in rates through 2024 and certain storm restoration balances pending recovery in the next rate proceeding; and (c) CERC’s allowed equity return on post in-service carrying cost associated with certain distribution facilities replacements expenditures in Texas. (3)Of the $1.1 billion, $527 million and $111 million currently being recovered in customer rates related to CenterPoint Energy, Houston Electric and CERC, respectively, $558 million, $459 million and $7 million is earning a return, respectively. The weighted average recovery period of regulatory assets currently being recovered in base rates, not earning a return, which totals $175 million, $67 million and $69 million for CenterPoint Energy, Houston Electric and CERC, respectively, is 11 years, 23 years and 2 years, respectively. Regulatory assets not earning a return with perpetual or undeterminable lives have been excluded from the weighted average recovery period calculation. (4)Current regulatory assets for CenterPoint Energy and CERC include extraordinary gas costs of $1,256 million and $1,182 million, respectively. (5)Current regulatory liabilities are included in Other current liabilities in each of the Registrants’ respective Consolidated Balance Sheets. The table below reflects the amount of allowed equity return recognized by each Registrant in its Statements of Consolidated Income:
February 2021 Winter Storm Event In February 2021, certain of the Registrants’ jurisdictions experienced an extreme and unprecedented winter weather event that resulted in prolonged freezing temperatures, which impacted their businesses. In Texas, the February 2021 Winter Storm Event caused an electricity generation shortage that was severely disruptive to Houston Electric’s service territory and the wholesale generation market. While demand for electricity reached extraordinary levels due to the extreme cold, the supply of electricity significantly decreased in part because of the inability of certain power generation facilities to supply electric power to the grid. Houston Electric does not own or operate any electric generation facilities other than leasing facilities that provide temporary emergency electric energy to aid in restoring power to distribution customers during certain widespread power outages as allowed by a new law enacted after the February 2021 Winter Storm Event. Houston Electric transmits and distributes to customers of REPs electric power that the REPs obtain from power generation facilities owned by third parties. ERCOT serves as the independent system operator and regional reliability coordinator for member electric power systems in most of Texas. To comply with ERCOT’s orders, Houston Electric implemented controlled outages across its service territory, resulting in a substantial number of businesses and residents being without power, many for extended periods of time, in compliance with ERCOT’s directives as an emergency procedure to avoid prolonged large-scale state-wide blackouts and long-term damage to the electric system in Texas. In anticipation of this weather event, Houston Electric implemented its emergency operations plan’s processes and procedures necessary to respond to such events, including establishing an incident command center and calling for mutual assistance from other utilities where needed, among other measures. Throughout the February 2021 Winter Storm Event, Houston Electric remained in contact with its regulators and stakeholders, including federal, state and local officials, as well as the PUCT and ERCOT. The February 2021 Winter Storm Event also impacted wholesale prices of CenterPoint Energy’s and CERC’s natural gas purchases and their ability to serve customers in their Natural Gas service territories, including due to the reduction in available natural gas capacity and impacts to CenterPoint Energy’s and CERC’s natural gas supply portfolio activities, and the effects of weather on their systems and their ability to transport natural gas, among other things. The overall natural gas market, including the markets from which CenterPoint Energy and CERC sourced a significant portion of their natural gas for their operations, experienced significant impacts caused by the February 2021 Winter Storm Event, resulting in extraordinary increases in the price of natural gas purchased by CenterPoint Energy and CERC. On February 13, 2021, the Railroad Commission authorized each Texas natural gas distribution utility to record in a regulatory asset the extraordinary expenses associated with the February 2021 Winter Storm Event, including, but not limited to, natural gas cost and other costs related to the procurement and transportation of natural gas supply, subject to recovery in future regulatory proceedings. The Texas governor signed legislation in June 2021 that authorizes the Railroad Commission to use securitization financing and the issuance of customer rate relief bonds for recovery of extraordinary natural gas costs incurred by natural gas utilities as a result of the February 2021 Winter Storm Event. On November 12, 2021, the RRC issued a Regulatory Asset Determination Order which authorized CERC to include $1.1 billion in a regulatory asset which should be included for recovery through customer rate relief bond financing. In addition, CenterPoint Energy’s and CERC’s Natural Gas utilities in jurisdictions outside of Texas deferred under-recovered natural gas cost as regulatory assets under existing recovery mechanisms and are seeking recovery of the increased cost of natural gas. As of December 31, 2021, CenterPoint Energy and CERC have recorded current regulatory assets of $1,410 million and $1,336 million, respectively, of which $154 million related to Arkansas and Oklahoma has been recast to held for sale at both CenterPoint Energy and CERC, and non-current regulatory assets of $583 million and $583 million respectively, of which $244 million related to Arkansas and Oklahoma has been recast to held for sale at both CenterPoint Energy and CERC, associated with the February 2021 Winter Storm Event. See Note 4 for further information. Amounts for the under recovery of natural gas costs are reflected in regulatory assets included in Prepaid expenses and other current assets and Regulatory assets on CenterPoint Energy’s and CERC’s Condensed Consolidated Balance Sheets. Recovery of natural gas costs within the regulatory assets are probable and are subject to customary regulatory prudence reviews in all jurisdictions that may impact the amounts ultimately recovered. CenterPoint Energy and CERC, as applicable, have begun recovery of natural gas costs in Indiana, Louisiana, Mississippi and Minnesota. CenterPoint Energy and CERC have filed for securitization of natural gas costs in Texas, received commission approval and issuance of financing order in 2022, and expect the Texas Public Financing Authority to issue customer rate relief bonds in 2022. As part of the closing of the sale of CenterPoint Energy’s and CERC’s Natural Gas businesses in Arkansas and Oklahoma, CERC received as part of the purchase price $398 million for unrecovered natural gas costs of the February 2021 Winter Storm Event. In testimonies filed on December 22, 2021 and February 11, 2022, in CERC’s high gas cost prudency review case, the Minnesota Attorney General’s Office, Department of Commerce, and Citizens Utility Board have proposed significant disallowances for all natural gas utilities, resulting in a potential disallowances for CenterPoint Energy and CERC. Recommended disallowances for CERC include up to $45 million proposed by the Department of Commerce, $82 million proposed by the Citizens Utility Board, and $409 million (or in the alternative $57 million) proposed by the Attorney General’s Office. The natural gas costs in Minnesota were incurred in accordance with the plan on file with the MPUC and CenterPoint Energy believes the costs were prudently incurred and are eligible for recovery through an existing mechanism. The MPUC has ordered that the amortization period for extraordinary gas costs resulting from the February 2021 Winter Storm Event be increased from a 27-months to 63-months beginning on January 1, 2022, and that CERC forego recovery of the associated carrying costs. Additionally, due to the uncertainty of timing and method of recovery in some jurisdictions, CenterPoint Energy and CERC may not earn a return on amounts deferred in the regulatory assets associated with the February 2021 Winter Storm Event. On February 21, 2021, in response to the 2021 February Winter Storm Event, the PUCT issued an order prohibiting REPs from sending a request to TDUs to disconnect such REPs’ customers for non-payment, effective February 21, 2021. As a result of this order, Houston Electric did not execute any requests for disconnection from any REPs until the PUCT issued orders for disconnects to resume. In June 2021, the PUCT issued an updated order relating to disconnections and REPs resumed the distribution of disconnection notices thereafter. As of December 31, 2021, as authorized by the PUCT, CenterPoint Energy and Houston Electric recorded a regulatory asset of $8 million for bad debt expenses resulting from REPs’ default on their obligation to pay delivery charges to Houston Electric net of collateral. Additionally, as of December 31, 2021, CenterPoint Energy and Houston Electric recorded a regulatory asset of $15 million to defer operations and maintenance costs associated with the February 2021 Winter Storm Event. See Notes 14 and 16(e) for further information regarding debt financing transactions and litigation related to the February 2021 Winter Storm Event, respectively. COVID-19 Regulatory Matters Governors, public utility commissions and other authorities in the states in which the Registrants operate have issued a number of different orders related to the COVID-19 pandemic, including orders addressing customer non-payment and disconnection. Although the disconnect moratoriums have expired in the Registrants’ service territories, CenterPoint Energy continues to support those customers who may need payment assistance, arrangements or extensions. On March 26, 2020, the PUCT issued two orders related to COVID-19 issues that affect Houston Electric. First, the PUCT issued an order related to accrual of regulatory assets granting authority for utilities to record as a regulatory asset expenses resulting from the effects of COVID-19. In the order, the PUCT noted that it will consider whether a utility’s request for recovery of the regulatory asset is reasonable and necessary in a future proceeding. Second, the PUCT issued an order related to the COVID-19 ERP, as modified, which, in light of the disaster declarations issued by the governor of Texas, authorized a customer assistance program for certain residential customers of electric service in areas of Texas open to customer choice, which includes Houston Electric’s service territory. The PUCT issued an order on August 27, 2020 to conclude the COVID-19 ERP. The PUCT determined that enrollment in the COVID-19 ERP would end on August 31, 2020 and benefits under the program ended on September 30, 2020. Final claims for reimbursement were required to be submitted to the transmission and distribution utilities by November 30, 2020. The transmission and distribution utilities must file a tariff rider cancellation seven days before the date on which it is estimated that revenues from the COVID-19 ERP are approximately equal to its program expenses. Final program reports were required to be submitted to the PUCT by January 15, 2021. The COVID-19 ERP allows for any over/under collection of program expenses to be recorded as a regulatory asset or liability. In December 2021, Houston Electric filed with the PUCT a proposal to reduce the TCRF revenue requirement by the final amount of COVID-19 ERP regulatory liability balance. On January 25, 2022, the PUCT issued approval of the TCRF update with rates effective March 1, 2022. The COVID-19 ERP allows program expenses to be recovered in rates. CenterPoint Energy’s and Houston Electric’s COVID-19 ERP regulatory assets were $-0- million as of December 31, 2021 and $6 million as of December 31, 2020. Commissions in all of Indiana Electric’s and CenterPoint Energy’s and CERC’s Natural Gas service territories have either (1) issued orders to record a regulatory asset for incremental bad debt expenses related to COVID-19, including costs associated with the suspension of disconnections and payment plans or (2) provided authority to recover bad debt expense through an existing tracking mechanism. CenterPoint Energy and CERC have recorded estimated incremental uncollectible receivables to the associated regulatory asset of $29 million and $27 million, respectively, as of December 31, 2021 and $22 million and $19 million, respectively, as of December 31, 2020. In some of the states in which the Registrants operate, public utility commissions have authorized utilities to employ deferred accounting authority for certain COVID-19 related costs which ensure the safety and health of customers, employees, and contractors, that would not have been incurred in the normal course of business. CERC’s Natural Gas service territory in Minnesota will include any offsetting savings in the deferral. Other jurisdictions where the Registrants operate may require them to offset the deferral with savings as well. The Mississippi RRA, filed on April 30, 2021, included the unamortized balance of the regulatory asset as of December 31, 2020 in rate base per Docket No. 2018-AD-141 Order Authorizing Utility Response and Accounting for COVID-19. The Minnesota general rate case filing, filed on November 1, 2021, included a request to recover the COVID-19 regulatory asset balance as of June 30, 2021 over a two-year amortization period.
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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 | 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 2021, 2020 and 2019 are distributed based upon the achievement of certain objectives over a three-year performance cycle. The stock unit awards granted in 2020 and 2019 are service based, and the stock unit awards granted in 2021 are service based, subject to the achievement of a performance goal. 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 immediately upon grant. Upon vesting, shares under 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 2021, 2020 and 2019:
(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. The following tables summarize CenterPoint Energy’s LTIP activity for 2021:
(1)Reflects maximum performance achievement. (2)Reflects the impact of current expectations of achievement and stock price. The weighted average grant date fair values per unit of awards granted were as follows for 2021, 2020 and 2019:
As of December 31, 2021, there was $58 million of total unrecognized compensation cost related to nonvested performance and stock unit 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, two of which are closed to new participants and one of which is completely frozen, 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:
(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 2021, 2020 and 2019, CenterPoint Energy recognized non-cash settlement cost due to lump sum settlement payments. (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 Date. 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, 2021 and 2020.
(1)Significant sources of gain for 2021 include the increase in discount rate from 2.45% to 2.80%, and actual return on plan assets exceeding expected return on assets during 2021. (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. 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 $2,278 million and $2,495 million as of December 31, 2021 and 2020, respectively. (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, provided, however, that life insurance benefits are available only for eligible retired employees who retired before January 1, 2022. 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, and, effective January 1, 2021, dental and vision 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 applicable collective bargaining agreement. 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. CenterPoint Energy, through Vectren, also maintains a postretirement benefit plan that 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:
(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. 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, 2021 and 2020.
(1)Significant sources of gain for 2021 include updated claims and demographic experience and the increase in discount rate from 2.50% to 2.85%. (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. (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 2021 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, 2021:
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, 2021 and 2020:
(1)Represents investments in common collective trust funds. (2)The amounts invested in mutual funds and common collective trust funds were allocated as follows:
Level 2 investments, which do not have a quoted price in active market, are valued using the market data provided by independent pricing services or major market makers, to arrive at a price a dealer would pay for the security. 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, 2021 or 2020. (f) Postretirement Plan Assets In managing the investments associated with the postretirement plans, the Registrants’ primary objective is to preserve and improve the funded status of the plan, while minimizing volatility. 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, 2021:
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, 2021 and 2020:
The amounts invested in mutual funds were allocated as follows:
(g) Benefit Plan Contributions The Registrants made the following contributions in 2021 and expect to make the following minimum contributions in 2022 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, for certain eligible employees, nonelective contributions 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 and one of which merged into the CenterPoint Energy Savings Plan as of January 1, 2022. As of January 1, 2022, the CenterPoint Energy Savings Plan is the only remaining qualified defined contribution retirement savings plan maintained by CenterPoint Energy. The CenterPoint Energy Savings Plan has significant holdings of Common Stock. As of December 31, 2021, 8,688,841 shares of Common Stock were held by the savings plan, which represented approximately 8% 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 2021, 2020 and 2019:
(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. (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 or, in the case of certain plans acquired in the Merger, from a rabbi trust that is a grantor trust and remains subject to the claims of general creditors under applicable state and federal law. 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 are participants under the plan. Certain key employees of a subsidiary of Vectren have employment agreements that provide payments and other benefits upon a covered termination of employment. As of December 31, 2021, the Registrants’ employees were covered by collective bargaining agreements as follows:
Negotiations are currently in progress for the collective bargaining agreements scheduled to expire in 2022 and are expected to be completed before the respective expirations. Board of Directors Actions. On July 22, 2021, CenterPoint Energy announced the decision of the independent directors of the Board to implement a new independent Board leadership and governance structure and appointed a new independent chair of the Board. To implement this new governance structure, the independent directors of the Board eliminated the Executive Chairman position that was formerly held by Milton Carroll. On the approval and recommendation of the Compensation Committee and approval of the Board (acting solely through its independent directors), CenterPoint Energy entered into a separation agreement between CenterPoint Energy and Mr. Carroll, dated July 21, 2021. Under the terms of the separation agreement, Mr. Carroll exited the positions of Executive Chairman on July 21, 2021 and Board member on September 30, 2021. Under the terms of the separation agreement, Mr. Carroll received a lump sum cash payment of $28 million and his separation was treated as an “enhanced retirement” for purposes of his outstanding 2019, 2020 and 2021 equity award agreements. On the approval and recommendation of the Compensation Committee and approval of the Board (acting solely through its independent directors), CenterPoint Energy has entered into a retention incentive agreement with David J. Lesar, President and Chief Executive Officer of CenterPoint Energy, dated July 20, 2021. For information about the classification of this award, see Note 13.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 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). CenterPoint Energy, through its Indiana utilities, enter into certain derivative instruments to mitigate the effects of commodity price movements. 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 closed on June 1, 2020. As a result, the following disclosures do not include the Energy Services Disposal Group. See Note 4 for further information. 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:
(1)Relates to interest rate derivative instruments at SIGECO. Weather Hedges (CenterPoint Energy and CERC). As of December 31, 2021, CenterPoint Energy and CERC had weather normalization or other rate mechanisms that largely mitigate the impact of weather on Natural Gas in Arkansas, Indiana, Louisiana, Mississippi, Minnesota, Ohio and Oklahoma, as applicable. CenterPoint Energy’s and CERC’s Natural Gas 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 Natural Gas 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 Natural Gas’ results in Texas and on CenterPoint Energy’s electric operations’ results in its Texas and Indiana service territories. CenterPoint Energy and CERC, as applicable, may enter into winter season weather hedges from time to time for certain Natural Gas 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. CenterPoint Energy and CERC did not enter into any weather hedges during the year ended December 31, 2021. (b) Derivative Fair Values and Income Statement Impacts (CenterPoint Energy) The following tables present information about derivative instruments and hedging activities. The first table provides a balance sheet overview of Derivative Assets and Liabilities as of December 31, 2021 and 2020, while the last table provides a breakdown of the related income statement impacts for the years ending December 31, 2021, 2020 and 2019. Fair Value of Derivative Instruments and Hedged Items (CenterPoint Energy)
(1)Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due. However, the mark-to-market fair value of each natural gas contract is in a liability position with no offsetting amount (2)Derivative component of the ZENS obligation that represents the ZENS holder’s option to receive the appreciated value of the reference shares at maturity. See Note 12 for further information. Income Statement Impact of Hedge Accounting Activity (CenterPoint Energy)
(c) Credit Risk Contingent Features (CenterPoint Energy) Certain of CenterPoint Energy’s derivative instruments contain provisions that require CenterPoint Energy’s debt to maintain an investment grade credit rating on its long-term unsecured unsubordinated debt from S&P and Moody’s. If CenterPoint Energy’s debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment.
(1)The maximum collateral required if further escalating collateral is triggered would equal the net liability position.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 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. 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. 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 closed on June 1, 2020. As a result, the following disclosures do not include the Energy Services Disposal Group. See Note 4 for further information. 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, 2021 and December 31, 2020, and indicate the fair value hierarchy of the valuation techniques utilized by the Registrants to determine such fair value. CenterPoint Energy
Houston Electric
CERC
(1)Amounts are included in Prepaid and Other Current Assets in the respective Consolidated Balance Sheets. During 2021 and 2020, CenterPoint Energy did not have any assets or liabilities designated as Level 3. Items Measured at Fair Value on a Nonrecurring Basis As a result of classifying the Arkansas and Oklahoma Natural Gas businesses as held for sale, including the allocation of goodwill, CenterPoint Energy and CERC used a market approach consisting of the contractual sales price adjusted for estimated working capital and other contractual purchase price adjustments to determine fair value of the businesses classified as held for sale, which are Level 2 inputs. Neither CenterPoint Energy nor CERC recognized any gains or losses upon classification of held for sale during 2021. See Note 4 for further information. Based on the severity of the decline in the price of Enable Common Units during the three months ended March 31, 2020 primarily due to the macroeconomic conditions related in part to the COVID-19 pandemic, combined with Enable’s announcement on April 1, 2020 to reduce its quarterly distributions per Enable Common Unit by 50%, and the market outlook indicating excess supply and continued depressed crude oil and natural gas prices impacting the midstream oil and gas industry, CenterPoint Energy determined, in connection with its preparation of the financial statements, that an other than temporary decrease in the value of its investment in Enable had occurred. The impairment analysis compared the estimated fair value of CenterPoint Energy’s investment in Enable to its carrying value. The fair value of the investment was determined using multiple valuation methodologies under both the market and income approaches. Both of these approaches incorporate significant estimates and assumptions, including: Market Approach • quoted price of Enable Common Units; • recent market transactions of comparable companies; and • EBITDA to total enterprise multiples for comparable companies. Income Approach • Enable’s forecasted cash distributions; • projected cash flows of incentive distribution rights; • forecasted growth rate of Enable’s cash distributions; and • determination of the cost of equity, including market risk premiums. Weighting of the Different Approaches Significant unobservable inputs used include the growth rate applied to the projected cash distributions beyond 2020 and the discount rate used to determine the present value of the estimated future cash flows. Based on the significant unobservable estimates and assumptions required, CenterPoint Energy concluded that the fair value estimate should be classified as a Level 3 measurement within the fair value hierarchy. As a result of this analysis, CenterPoint Energy recorded an other than temporary impairment on its investment in Enable of $1,541 million during the year ended December 31, 2020, reducing the carrying value of the investment to its estimated fair value of $848 million as of March 31, 2020. See Note 11 for further discussion of the impairment. During the year ended December 31, 2020, CenterPoint Energy recorded a goodwill impairment charge of $185 million in the Indiana Electric Integrated reporting unit, reducing the carrying value of the reporting unit to its fair value as of March 31, 2020. See Note 6 for further information. As a result of classifying the Infrastructure Services and Energy Services Disposal Groups as held for sale, CenterPoint Energy and CERC recognized a goodwill impairment and loss on held for sale during the year ended December 31, 2020. CenterPoint Energy and CERC, as applicable, used the contractual sales price adjusted for estimated working capital and other contractual purchase price adjustments to determine fair value, which are Level 2 inputs. Using this market approach, the fair value of the Infrastructure Services Disposal Group as of March 31, 2020 was determined to be approximately $864 million and the fair value of the Energy Services Disposal Group as of March 31, 2020 was determined to be approximately $402 million. The same methodology was applied to estimate the fair value of the Infrastructure Services Disposal Group and Energy Services Disposal Group on the closing date and through the settlement of the net working capital adjustment, resulting in additional gains or losses upon sale during 2020 . See Note 4 for further information. 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 equity securities, including ZENS related derivative liabilities, 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.
(1)Includes Securitization Bond debt.
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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) | Unconsolidated Affiliates (CenterPoint Energy and CERC) Through its investment in Enable, CenterPoint Energy had the ability to significantly influence the operating and financial policies of Enable, a publicly traded MLP, and, accordingly, accounted for its investment in Enable’s common units using the equity method of accounting. Enable was considered to be a VIE because the power to direct the activities that most significantly impact Enable’s economic performance did not reside with the holders of equity investment at risk. However, CenterPoint Energy was not considered the primary beneficiary of Enable since it did not have the power to direct the activities of Enable that were considered most significant to the economic performance of Enable. On February 16, 2021, Enable entered into the Enable Merger Agreement. On December 2, 2021, the Enable Merger closed pursuant to the Enable Merger Agreement. At the closing of the Enable Merger, CenterPoint Energy transferred 100% of the Enable Common Units and Enable Series A Preferred Units it owned in exchange for Energy Transfer Common Units and Energy Transfer Series G Preferred Units, respectively. CenterPoint Energy also received $5 million in cash in exchange for its interests in Enable GP. CenterPoint Energy has no continuing ownership interest in Enable after the close of the Enable Merger. See Note 12 for further information. Pursuant to previously disclosed support agreements, CenterPoint Energy and OGE, who collectively owned approximately 79.2% of Enable’s common units, delivered written consents approving the Enable Merger Agreement and, on a non-binding, advisory basis, the compensation that will or may become payable to Enable’s named executive officers in connection with the transactions contemplated by the Enable Merger Agreement. Upon the consummation of the transactions contemplated by the Enable Merger Agreement, the agreements relating to Enable between CenterPoint Energy, OGE and Enable and certain of their affiliates terminated, and CenterPoint Energy paid $30 million to OGE. The proceeds from the Enable Merger Agreement were allocated to each element based on the relative fair value of the interests being sold. Accordingly, CenterPoint Energy realized gains of $680 million and $1 million related to the transfer of its Enable Common Units and Enable Series A Preferred Units, respectively, from the Enable Merger Agreement. The realized gains from CenterPoint Energy’s transferred Enable Common Units and Enable Series A Preferred Units are reflected as discontinued operations and Other Income, respectively, on CenterPoint Energy’s Statements of Consolidated Income. The carrying value of CenterPoint Energy’s equity method investment in Enable is reflected as held for sale on CenterPoint Energy’s Consolidated Balance Sheet as of December 31, 2020 and equity in earnings (losses) from Enable are reflected as discontinued operations on CenterPoint Energy’s Statements of Consolidated Income. For further information, see Note 4. The Enable Series A Preferred Units are not reflected in the Midstream Investments reportable segment as equity investments without a readily determinable fair value are not included in the scope of discontinued operations. 2020 Impairment in Enable CenterPoint Energy evaluates its equity method investments, when not reflected as held for sale, for impairment when factors indicate that a decrease in the value of its investment has occurred and the carrying amount of its investment may not be recoverable. An impairment loss, based on the excess of the carrying value over the estimated fair value of the investment, is recognized in earnings when an impairment is deemed to be other than temporary. Considerable judgment is used in determining if an impairment loss is other than temporary and the amount of any impairment. CenterPoint Energy reduced the carrying value of its investment in Enable to its estimated fair value of $848 million as of March 31, 2020 and recognized an impairment charge of $1,541 million during the year ended December 31, 2020. For further information, see Note 10. Distributions Received from Enable (CenterPoint Energy and CERC): CenterPoint Energy
(1)As of December 31, 2020, the Enable Series A Preferred Units annual distribution rate was 10%. On February 18, 2021, five years after the issue date, the Enable Series A Preferred Units annual distribution rate changed to a percentage of the Stated Series A Liquidation Preference per Enable Series A Preferred Unit equal to the sum of (a) Three-Month LIBOR, as calculated on each applicable date of determination, and (b) 8.5%. Transactions with Enable (CenterPoint Energy and CERC): The transactions with Enable through December 2, 2021 in the following tables exclude transactions with the Energy Services Disposal Group. See Note 4 for further information.
(1)Included in Non-utility costs of revenues, including natural gas on CenterPoint Energy’s and CERC’s respective Statements of Consolidated Income.
Summarized consolidated income (loss) information for Enable is as follows:
(1)Reflects January 1, 2021 to December 2, 2021 results only due to the closing of the Enable Merger. (2)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 was being amortized through the year 2048 and ceased upon closing of the Enable Merger. (3)Reported as discontinued operations on CenterPoint Energy’s Statements of Consolidated Income. For further information, see Note 4. Summarized consolidated balance sheet information for Enable is as follows:
(1)Reflects balances as of the closing of the Enable Merger on December 2, 2021. (2)Includes the impairment of CenterPoint Energy’s equity method investment in Enable of $1,541 million recorded during the year ended December 31, 2020. The basis difference was being amortized through the year 2048 and ceased upon closing of the Enable Merger. (3)Reflected in assets held for sale in CenterPoint Energy’s Consolidated Balance Sheet as of December 31, 2020. For further information, see Note 4.
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Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) |
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Indexed Debt Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) | Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) (a) Equity Securities At the closing of the Enable Merger, Energy Transfer acquired 100% of Enable’s outstanding equity interests, resulting in the exchange of 233,856,623 Enable Common Units owned by CenterPoint Energy, at the transaction exchange ratio of 0.8595x Energy Transfer Common Units for each Enable Common Unit, for 200,999,768 Energy Transfer Common Units. CenterPoint Energy also received $5 million in cash in exchange for its interest in Enable GP and 384,780 Energy Transfer Series G Preferred Units with an aggregate liquidation preference of approximately $385 million in exchange for 14,520,000 Enable Series A Preferred Units with a carrying value of $363 million. See Notes 4 and 11 for further information. CenterPoint Energy’s sales of equity securities during the year ended December 31, 2021 are as follows:
(1)Settlement date for a forward sale transaction that CNP Midstream entered into through a Forward Sale Agreement on September 1, 2021 with an investment banking financial institution for 50 million Energy Transfer Common Units CNP Midstream received as consideration in the Enable Merger in exchange for the proceeds of the forward sale transaction. (2)Proceeds are net of transaction costs. Gains and losses on equity securities, net of transaction costs, are recorded as Gain (Loss) on Equity Securities in CenterPoint Energy’s Statements of Consolidated Income.
CenterPoint Energy recorded unrealized gains (losses) of $(52) million, $49 million, and $282 million for the years ended December 31, 2021, 2020, and 2019, respectively, for equity securities held as of December 31, 2021, 2020, and 2019. CenterPoint Energy and its subsidiaries hold shares of certain securities detailed in the table below, which are classified as trading securities. Shares of AT&T Common and Charter Common are expected to be held to facilitate CenterPoint Energy’s ability to meet its obligation under the ZENS.
(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, 2021. 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, 2021, the ZENS, having an original principal amount of $828 million and a contingent principal amount of $38 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, 2021, the market value of such shares was approximately $820 million, which would provide an exchange amount of $941 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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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 and paid dividends on its Common Stock during 2021, 2020 and 2019 as presented in the table below:
(1)The Series C Preferred Stock was entitled to participate in any dividend or distribution (excluding those payable in Common Stock) with the Common Stock on a pari passu, pro rata, as-converted basis. The per share amount reflects the dividend per share of Common Stock as if the Series C Preferred Stock were converted into Common Stock. There were no Series C Preferred Stock outstanding or dividends declared in 2019. All of the outstanding Series C Preferred Stock was converted to Common Stock during 2021 as described below. (2)On April 1, 2020, in response to the reduction in cash flow related to the reduction in Enable quarterly common unit distributions announced by Enable on April 1, 2020, CenterPoint Energy announced a reduction of its quarterly Common Stock dividend per share from $0.2900 to $0.1500. Preferred Stock (CenterPoint Energy)
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: •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; •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. 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. Dividends. Dividends on the Series B Preferred Stock were 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 paid 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 were presented on CenterPoint Energy’s Statements of Consolidated Income as Preferred stock dividend requirement. Mandatory Conversion. Each remaining outstanding share of the Series B Preferred Stock was converted on the mandatory conversion date, September 1, 2021, into 36.7677 shares of Common Stock. The conversion rate was determined based on a preceding 20-day volume-weighted-average-price of Common Stock. Conversion of Series B Preferred Stock. During 2021, 977,400 shares of Series B Preferred Stock were converted into 35,921,441 shares of Common Stock. As of December 31, 2021, all shares of Series B Preferred Stock have been converted into shares of Common Stock. Series C Preferred Stock Private Placement (CenterPoint Energy) On May 6, 2020, CenterPoint Energy entered into agreements for the private placement of 725,000 shares of its Series C Preferred Stock, at a price of $1,000 share, resulting in net proceeds of $724 million after issuance costs. The Series C Preferred Stock was entitled to participate in any dividend or distribution (excluding those payable in Common Stock) with the Common Stock on a pari passu, pro rata, as-converted basis. Each remaining outstanding share of the Series C Preferred Stock was converted on May 7, 2021 into the number of Common Stock equal to the quotient of $1,000 divided by the prevailing conversion price, which was $15.31. Conversion of Series C Preferred Stock. During 2021, 625,000 shares of Series C Preferred Stock were converted into 40,822,990 shares of Common Stock. As of December 31, 2021, all shares of Series C Preferred Stock have been converted into shares of Common Stock. Common Stock Private Placement (CenterPoint Energy) On May 6, 2020, CenterPoint Energy entered into agreements for the private placement of 41,977,612 shares of its Common Stock, at a price of $16.08 share, resulting in net proceeds of $673 million after issuance costs. On June 1, 2020, CenterPoint Energy filed a shelf registration statement with the SEC registering these 41,977,612 shares of Common Stock. Temporary Equity (CenterPoint Energy) On the approval and recommendation of the Compensation Committee and approval of the Board (acting solely through its independent directors), CenterPoint Energy entered into a retention incentive agreement with David J. Lesar, President and Chief Executive Officer of CenterPoint Energy, dated July 20, 2021. Under the terms of the retention incentive agreement, Mr. Lesar will receive equity-based awards under CenterPoint Energy’s LTIP covering a total of 1 million shares of Common Stock (Total Stock Award) to be granted in multiple annual awards. In July 2021, 400 thousand restricted stock unit awards were awarded to Mr. Lesar that will vest in December 2022. Restricted stock unit awards covering the remaining 600 thousand shares will be awarded to Mr. Lesar in February 2022 and February 2023, in each case covering the remainder of the Total Stock Award not previously awarded or such lesser number of restricted stock units as may be permitted under the annual individual award limitations under the CenterPoint Energy’s LTIP and vesting in December 2023. These awards will also fully vest upon death, disability, termination without cause, or resignation for good reason, as defined in the award agreements, that occurs prior to the vesting date. In the event any shares under the Total Stock Award remain unawarded, in February 2024, a fully vested stock bonus award of the remaining shares will be granted. For accounting purposes, the 1 million shares under the Total Stock Award, consisting of both the awarded and unawarded equity-based awards described above, were considered granted in July 2021. In the event of death, disability, termination without cause or resignation for good reason, as defined in the retention incentive agreement, that occurs prior to the full Total Stock Award being awarded, CenterPoint Energy will pay a lump sum cash payment equal to the value of the unawarded equity-based awards, based on the closing trading price of Common Stock on the date of the event’s occurrence. Because the unawarded equity-based awards are redeemable for cash upon events that are not probable at the grant date, the equity associated with the unawarded equity-based awards will be classified as Temporary Equity on CenterPoint Energy’s Consolidated Balance Sheets. Undistributed Retained Earnings As of December 31, 2021 and 2020, CenterPoint Energy’s consolidated retained earnings balance included no undistributed earnings from Enable. Accumulated Other Comprehensive Income (Loss) Changes in accumulated comprehensive income (loss) are as follows:
(1)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. (2)Amounts presented represent a one-time, non-cash settlement cost (benefit), prior to regulatory deferrals, which are 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. Amounts presented in the table above are included in Other income (expense), net in CenterPoint Energy’s Statements of Consolidated Income, net of regulatory deferrals. (3)The cost of debt approved by the PUCT as part of Houston Electric’s Stipulation and Settlement Agreement included unrealized gains and losses on interest rate hedges. Accordingly, deferred gains and losses on interest rate hedges were reclassified to regulatory assets or liabilities, as appropriate.
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Short-term Borrowings and Long-term Debt |
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Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term 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)These pollution control bonds were secured by general mortgage bonds of Houston Electric as of December 31, 2021 and 2020 and are not reflected in Houston Electric’s consolidated financial statements because of the contingent nature of the obligations. (4)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. (5)Commercial paper issued by CenterPoint Energy, CERC Corp. and VUHI has maturities up to 60 days, 30 days, and 30 days, respectively, and are backstopped by the respective issuer’s long-term revolving credit facility. (6)The senior notes issued by VUHI are guaranteed by SIGECO, Indiana Gas and VEDO. (7)The first mortgage bonds issued by SIGECO subject SIGECO’s properties to a lien under the related mortgage indenture as further discussed below. (8)Issued by CERC Corp. (9)Represents AMA transactions accounted for as an inventory financing. Outstanding obligations related to third-party AMAs associated with utility distribution service in Arkansas and Oklahoma of $36 million as of December 31, 2021 are reflected in current liabilities held for sale on CenterPoint Energy’s and CERC’s Condensed Consolidated Balance Sheets. For further information about AMAs, see Notes 4 and 16. Long-term Debt Debt Transactions. During 2021, the following debt instruments were issued or incurred:
(1)In February 2021, CERC Corp. received financing commitments totaling $1.7 billion on a 364-day term loan facility to bridge any working capital needs related to the February 2021 Winter Storm Event. Total proceeds of the senior notes and floating rate senior note offerings, net of issuance expenses and fees, of approximately $1.69 billion were used for general corporate purposes, including to fund working capital. Upon the consummation of its senior notes offerings, in March 2021, CERC Corp. terminated all of the commitments for the 364-day term loan facility. (2)Total proceeds, net of issuance expenses and fees, of approximately $1.08 billion were used for general limited liability company purposes, including capital expenditures and the repayment of outstanding debt discussed below and Houston Electric’s borrowings under the CenterPoint Energy money pool. (3)Total proceeds, net of issuance expenses and fees, of approximately $1.69 billion, excluding amounts issued by Houston Electric and CERC, were used for general corporate purposes, including the repayment of outstanding debt discussed below and a portion of CenterPoint Energy’s outstanding commercial paper. Debt Repayments and Redemptions. During 2021, the following debt instruments were repaid at maturity or redeemed, excluding scheduled principal payments of $211 million on the Securitization bonds:
(1)In December 2021, CERC provided notice of redemption and on December 30, 2021, CERC redeemed all of the outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable make-whole premium. (2)In April 2021, Houston Electric provided notice of redemption and on May 1, 2021, Houston Electric redeemed all of the outstanding bonds of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest. (3)In December 2020, CenterPoint Energy provided notice of redemption of a portion of its outstanding $500 million aggregate principal amount of the series and on January 15, 2021, CenterPoint Energy redeemed $250 million aggregate principal amount of the series at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest and an applicable make-whole premium. (4)In April 2021, CenterPoint Energy amended its existing term loan agreement by extending its maturity from May 15, 2021 to June 14, 2021. The outstanding LIBOR rate loan balance was prepaid in full at a price equal to 100% of the principal amount, plus accrued and unpaid interest, which was calculated based on the interest rate at maturity. (5)In May 2021, CenterPoint Energy provided notice of redemption and on June 1, 2021, CenterPoint Energy redeemed all of the outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable make-whole premium. (6)In December 2021, CenterPoint Energy provided notice of redemption and on December 30, 2021, CenterPoint Energy redeemed all of the outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable make-whole premium. CenterPoint Energy and CERC recorded losses on early extinguishment of debt, including make-whole premiums and recognition of deferred debt related costs, in Interest expense and other finance charges on their respective Statements of Consolidated Income, of $53 million and $11 million, respectively, during the year ended December 31, 2021, and $2 million at both for the year ended December 31, 2020. No losses on early extinguishment of debt were recorded during the year ended December 31, 2019. On January 14, 2022, CERC Corp. provided notice of redemption and on January 31, 2022, CERC Corp. redeemed $425 million aggregate principal amount of CERC’s outstanding Floating Rate Senior Notes due 2023 at a redemption price equal to 100% of the principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. Securitization Bonds. As of December 31, 2021, 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. In February 2021, each of CenterPoint Energy, Houston Electric, CERC Corp. and VUHI replaced their existing revolving credit facilities with new amended and restated credit facilities. The size of the CenterPoint Energy facility decreased from $3.3 billion to $2.4 billion, while the sizes of the Houston Electric, CERC Corp. and VUHI facilities remained unchanged. The Registrants had the following revolving credit facilities as of December 31, 2021:
(1)Based on credit ratings as of December 31, 2021. (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 to 70% if Houston Electric experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that Houston Electric has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive 12-month period, all or part of which Houston Electric intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. (4)This credit facility was issued by VUHI, is guaranteed by SIGECO, Indiana Gas and VEDO and includes a $20 million letter of credit sublimit. This credit facility backstops VUHI’s commercial paper program. The Registrants, as well as the subsidiaries of CenterPoint Energy discussed above, were in compliance with all financial debt covenants as of December 31, 2021. As of December 31, 2021 and 2020, the Registrants had the following revolving credit facilities and utilization of such facilities:
(1)CenterPoint Energy’s outstanding commercial paper generally has maturities of 60 days or less. (2)This credit facility was issued by VUHI and is guaranteed by SIGECO, Indiana Gas and VEDO. Maturities. As of December 31, 2021, maturities of long-term debt, excluding the ZENS obligation and unamortized discounts, premiums and issuance costs, were as follows:
(1)These maturities include Securitization Bonds principal repayments on scheduled payment dates. Liens. As of December 31, 2021, Houston Electric’s assets were subject to liens securing approximately $4.8 billion of general mortgage bonds outstanding under the General Mortgage, including approximately $68 million held in trust to secure pollution control bonds that mature in 2028 for which CenterPoint Energy is obligated. The general mortgage bonds that are held in trust to secure pollution control bonds are not reflected in Houston Electric’s consolidated financial statements because of the contingent nature of the obligations. Houston Electric may issue additional general mortgage bonds on the basis of retired bonds, 70% of property additions or cash deposited with the trustee. Houston Electric could issue approximately $4.6 billion of additional general mortgage bonds on the basis of retired bonds and 70% of property additions as of December 31, 2021. No first mortgage bonds are outstanding under the Mortgage, and Houston Electric is contractually obligated to not issue any additional first mortgage bonds under the Mortgage and is undertaking actions to release the lien of the Mortgage. As of December 31, 2021, SIGECO had approximately $293 million aggregate principal amount of first mortgage bonds outstanding. Generally, of SIGECO’s real and tangible property is subject to the lien of SIGECO’s mortgage indenture. SIGECO may issue additional bonds under its mortgage indenture up to 60% of currently unfunded property additions. As of December 31, 2021, approximately $1.4 billion of additional first mortgage bonds could be issued on this basis. However, SIGECO is also limited in its ability to issue additional bonds under its mortgage indenture due to certain provisions in its parent’s, VUHI, debt agreements. Other. As of December 31, 2021, certain financial institutions agreed to issue, from time to time, up to $20 million of letters of credit on behalf of certain of Vectren’s subsidiaries in exchange for customary fees. These agreements to issue letters of credit expire on December 31, 2021. As of December 31, 2021, such financial institutions had issued $1 million of letters of credit on behalf of these subsidiaries. Houston Electric and CERC participate in a money pool through which they can borrow or invest on a short-term basis. For additional information, see Note 20.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of the Registrant’s income tax expense (benefit) were 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:
(1)Recognized a $75 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $23 million benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, and a $15 million benefit for the impact of a change in the NOL carryforward period in Louisiana from 20 years to an indefinite period allowing for the release of the valuation allowance on certain Louisiana NOLs. (2)Recognized a $76 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $39 million deferred tax expense for the non-deductible portion of the goodwill impairment on SIGECO, and a $37 million benefit for the NOL carryback claim allowed by the CARES Act. (3)Recognized a $55 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $33 million net benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, and a $4 million net benefit for the reduction in valuation allowances on certain state NOLs that are now expected to be realized. (4)Recognized a $27 million benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions. (5)Recognized a $25 million deferred tax expense for the non-deductible portion of the goodwill impairment on both the Energy Services and Infrastructure Services Disposal Groups. Also, recognized a $30 million net tax expense on both the sale of the Energy Services and Infrastructure Services Disposal Groups. (6)Recognized a $12 million deferred tax expense for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, and an $8 million deferred tax expense for the non-deductible portion of the goodwill impairment on the Energy Services Disposal Group. (7)Recognized a $41 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions. (8)Recognized a $42 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions. (9)Recognized a $21 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions. (10)Recognized a $15 million benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, a $16 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, and a $15 million benefit for the impact of a change in the NOL carryforward period in Louisiana from 20 years to an indefinite period allowing for the release of the valuation allowance on certain Louisiana NOLs. (11)Recognized a $16 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulatory in certain jurisdictions. (12)Recognized an $18 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $4 million net benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions and a $4 million net benefit for the reduction in valuation allowances on certain state NOLs that are now expected to be realized. (13)Recognized a $10 million deferred tax expense for the non-deductible portion of the goodwill impairment on the Energy Services Disposal Group. (14)Recognized an $8 million deferred tax expense for the non-deductible portion of the goodwill impairment on the Energy Services Disposal Group. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
Tax Attribute Carryforwards and Valuation Allowance. CenterPoint Energy has no federal NOL carryforwards and no federal charitable contribution carryforwards as of December 31, 2021. As of December 31, 2021, CenterPoint Energy had $1.3 billion of state NOL carryforwards that expire between 2022 and 2041, and $7 million of state tax credits that do not expire. CenterPoint Energy reported a valuation allowance of $11 million because it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. Due to a change in the NOL carryforward period in Louisiana from 20 years to an indefinite period during 2021, CenterPoint Energy released a $15 million valuation allowance on certain Louisiana NOLs. CERC has $2.3 billion of federal NOL carryforwards which have an indefinite carryforward period. CERC has $972 million of gross state NOL carryforwards which expire between 2022 and 2041 and $7 million of state tax credits which do not expire. Due to a change in the NOL carryforward period in Louisiana from 20 years to an indefinite period during 2021, CERC released a $15 million valuation allowance on certain Louisiana NOLs. A reconciliation of CenterPoint Energy’s beginning and ending balance of unrecognized tax benefits, excluding interest and penalties, for 2021 and 2020 are as follows:
CenterPoint Energy’s net unrecognized tax benefits, including penalties and interest, were $4 million as of December 31, 2021 and are included in other non-current liabilities in the Consolidated Financial Statements. Included in the balance of uncertain tax positions as of December 31, 2021 are $2 million of tax benefits that, if recognized, would affect the effective tax rate. The above table does not include $1 million of accrued penalties and interest as of December 31, 2021. During 2021, CenterPoint Energy released a $6 million net uncertain tax liability, including interest and penalties, upon acceptance of an accounting method change filed with the IRS in 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 $3 million in unrecognized tax benefits, including penalties and interest, may occur in the next 12 months as a result of a lapse of statutes on older exposures, a tax settlement, and/or a resolution of open audits. Tax Audits and Settlements. Tax years through 2018 have been audited and settled with the IRS for CenterPoint Energy. For the 2019-2021 tax years, the Registrants are participants in the IRS’s Compliance Assurance Process. Vectren’s pre-Merger 2014-2019 tax years are now under audit by IRS.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | 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 reportable segment and CenterPoint Energy’s Electric reportable segment. A purchase obligation is defined as an agreement to purchase goods or services that is enforceable and legally binding on the registrant and that specifies all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. 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 Consolidated Balance Sheets as of December 31, 2021 and 2020. 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. On February 9, 2021, Indiana Electric entered into a BTA with a subsidiary of Capital Dynamics. Pursuant to the BTA, Capital Dynamics, with its partner Tenaska, will build a 300 MW solar array in Posey County, Indiana through a special purpose entity, Posey Solar. Upon completion of construction, currently projected to be at the end of 2023, and subject to IURC approval, which was received on October 27, 2021, Indiana Electric will acquire Posey Solar and its solar array assets for a fixed purchase price. Due to rising cost for the project, caused in part by supply chain issues in the energy industry, the rising cost of commodities and community feedback, CenterPoint Energy, along with Capital Dynamics, recently announced plans to downsize the project to approximately 200 MW. Indiana Electric collaboratively agreed to the scope change and is currently working through contract negotiations, contingent on further IURC review and approval. As of December 31, 2021, minimum purchase obligations were approximately:
(1)On January 10, 2022, CERC Corp. completed the sale of its Arkansas and Oklahoma Natural Gas businesses; therefore minimum purchase obligations for the Arkansas and Oklahoma Natural Gas businesses have been excluded from the table above. For additional information, see Note 4. (2)CenterPoint Energy’s undiscounted minimum payment obligations related to PPAs with commitments ranging from 15 to 25 years and its purchase commitment under its BTA in Posey County, Indiana at the original contracted amount, prior to any renegotiation, are included above. The remaining undiscounted payment obligations relate primarily to technology hardware and software agreements. Excluded from the table above are estimates for cash outlays from other PPAs through Indiana Electric 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) Upon expiration of the AMAs with the Energy Services Disposal Group discussed in Note 4, CenterPoint Energy’s and CERC’s Natural Gas businesses entered into new third-party AMAs beginning in April 2021 associated with their utility distribution service in Arkansas, Indiana, Louisiana, Mississippi, Oklahoma and Texas. Additionally, CenterPoint Energy’s and CERC’s Natural Gas business in Minnesota entered into a third-party AMA beginning in February 2021. The AMAs have varying terms, the longest of which expires in 2027. Pursuant to the provisions of the agreements, CenterPoint Energy’s and CERC’s Natural Gas 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 Natural Gas 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 Natural Gas 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 Natural Gas and to use the released capacity for other purposes when it is not needed for CenterPoint Energy’s and CERC’s Natural Gas. CenterPoint Energy’s and CERC’s Natural Gas may receive compensation from the asset manager through payments made over the life of the AMAs. CenterPoint Energy’s and CERC’s Natural Gas has an obligation to purchase their winter storage requirements that have been released to the asset manager under these AMAs. For amounts outstanding under these AMAs, see Notes 4 and 14. (c) Guarantees and Product Warranties (CenterPoint Energy) In the normal course of business, Energy Systems Group 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 Energy Systems Group’s role as a general contractor in the performance contracting industry, as of December 31, 2021, there were 53 open surety bonds supporting future performance with an aggregate face amount of approximately $569 million. Energy Systems Group’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, 2021, approximately 30% of the work was yet to be completed on projects with open surety bonds. Further, various subcontractors issue surety bonds to Energy Systems Group. In addition to these performance obligations, Energy Systems Group also warrants the functionality of certain installed infrastructure generally for one year and the associated energy savings over a specified number of years. As of December 31, 2021, there were 35 warranties totaling $550 million and an additional $1.2 billion in energy savings commitments not guaranteed by Vectren Corp. Since Energy Systems Group’s inception in 1994, CenterPoint Energy believes Energy Systems Group 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, 2021 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 Energy Systems Group. 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, 2021, CenterPoint Energy, primarily through Vectren, has issued parent company level guarantees supporting Energy Systems Group’s obligations. For those obligations where potential exposure can be estimated, management estimates the maximum exposure under these guarantees to be approximately $514 million as of December 31, 2021. 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) 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 closed on June 1, 2020. In the normal course of business prior to June 1, 2020, the Energy Services Disposal Group through CES, traded natural gas under supply contracts and entered into natural gas related transactions under transportation, storage and other contracts. In connection with the Energy Services Disposal Group’s business activities prior to the closing of the sale of the Energy Services Disposal Group on June 1, 2020, CERC Corp. issued guarantees to CES’s counterparties to guarantee the payment of CES’s obligations. When CES remained wholly owned by CERC Corp., these guarantees did not represent incremental consolidated obligations, but rather, these guarantees represented guarantees of CES’s obligations to allow it to conduct business without posting other forms of assurance. See Note 4 for further information. A CERC Corp. guarantee primarily had 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. Throughout CERC Corp.’s ownership of CES and subsequent to the sale of the Energy Services Disposal Group through December 31, 2021, CERC Corp. did not pay any amounts under guarantees of CES’s obligations. Under the terms of the Equity Purchase Agreement, Symmetry Energy Solutions Acquisition 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 the closing of the transaction. Additionally, to the extent that CERC Corp. retains any exposure relating to certain guarantees of CES’s obligations 90 days after closing of the transaction, Symmetry Energy Solutions Acquisition will pay a 3% annualized fee on such exposure, increasing by 1% on an annualized basis every three months. As of December 31, 2020, CES had provided replacement credit support to counterparties to whom CERC Corp. had issued guarantees prior to June 1, 2020, representing all $23 million of the estimated remaining exposure under the previously issued guarantees. CERC believes that counterparties to whom replacement credit support has been provided would seek payment if needed under such replacement credit support instead of a CERC Corp. guarantee. No additional guarantees were provided by CERC Corp. to CES subsequent to the closing of the transaction on June 1, 2020. If CERC Corp. is required to pay a counterparty under a guarantee in respect of obligations of CES, Symmetry Energy Solutions Acquisition is required to promptly reimburse CERC Corp. for all amounts paid. If Symmetry Energy Solutions Acquisition fails to reimburse CERC Corp., CERC Corp. has the contractual right to seek payment from Shell Energy North America (US), L.P. in an amount up to $40 million in the aggregate. While there can be no assurance that payment under any of these guarantees will not be required in the future, CenterPoint Energy and CERC consider the likelihood of a material amount being incurred as remote. CenterPoint Energy and CERC recorded no amounts on their respective Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020 related to the performance of these guarantees. (e) Legal, Environmental and Other Matters Legal Matters 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 were named in wrongful death, property damage and personal injury litigation arising out of the incident and have now reached confidential settlement agreements in all litigation, and all related governmental matters were previously concluded. CenterPoint Energy’s and CERC’s general and excess liability insurance policies provide coverage for third party bodily injury and property damage claims. These matters are now concluded. 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. The District Court consolidated and subsequently dismissed the lawsuits with prejudice, and the plaintiffs appealed. On September 13, 2021, the U.S. Court of Appeals for the Seventh Circuit affirmed the District Court’s order of dismissal. The plaintiffs did not seek rehearing in the Court of Appeals nor review by the Supreme Court of the United States. This matter is now concluded. Litigation Related to the February 2021 Winter Storm Event. With respect to the February 2021 Winter Storm Event, CenterPoint Energy and Houston Electric, along with ERCOT, power generation companies, and others, have received claims and lawsuits filed by plaintiffs alleging personal injury, property damage and other injuries and damages. Additionally, various regulatory and governmental entities have announced that they intend to conduct or are conducting inquiries, investigations and other reviews of the February 2021 Winter Storm Event and the efforts made by various entities to prepare for, and respond to, this event, including the electric generation shortfall issues. Such entities include the United States Congress, FERC, NERC, Texas RE, ERCOT, Texas government entities and officials such as the Texas Governor’s office, the Texas Legislature, the Texas Attorney General, the PUCT, the City of Houston and other municipal and county entities in Houston Electric’s service territory, among other entities. Like other Texas TDUs, Houston Electric has become involved in certain of the above-referenced investigations, litigation or other regulatory and legal proceedings regarding their efforts to restore power and their compliance with NERC, ERCOT and PUCT rules and directives. CenterPoint Energy and Houston Electric have responded to inquiries from the Texas Attorney General and the Galveston County District Attorney’s Office, and CenterPoint Energy and CERC have responded to inquiries from the Arkansas, Minnesota and Oklahoma Attorneys General. CenterPoint Energy and Houston Electric are subject to, and may be further subject to, litigation and claims. Such claims include, or in the future could include, wrongful death, personal injury and property damage claims, lawsuits for impacts on businesses and other organizations and entities and shareholder claims, among other claims or litigation matters. CenterPoint Energy and Houston Electric, along with numerous other entities, have been named as defendants in such litigation, all of which is now pending in state court as part of a multi-district litigation proceeding. CenterPoint Energy and Houston Electric intend to vigorously defend themselves against the claims raised. CenterPoint Energy, Houston Electric and CERC are unable to predict the consequences of any such matters or to estimate a range of potential losses. 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. (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 26 gas manufacturing and storage sites have been identified for which CenterPoint Energy may have some remedial responsibility. A remedial investigation/feasibility study was completed at one of the sites under an agreed upon order between Indiana Gas and the IDEM, and a Record of Decision was issued by the IDEM in January 2000. The remaining sites have been submitted to the IDEM’s VRP. CenterPoint Energy has also identified its involvement in 5 manufactured gas plant sites in SIGECO’s service territory, all of which are currently enrolled in the IDEM’s VRP. CenterPoint Energy is currently conducting some level of remedial activities, including groundwater monitoring at certain sites. (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. 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. In August 2019, the EPA proposed additional “Part A” amendments to its CCR Rule with respect to beneficial reuse of ash and other materials. Further “Part B” amendments, which related to alternate liners for CCR surface impoundments and the surface impoundment closure process, were published in March 2020. The Part A amendments were finalized in August 2020 and extended the deadline to cease placement of ash in ponds to April 11, 2021, discussed further below. The EPA published the final Part B amendments in November 2020. The Part A amendments do not restrict Indiana Electric’s current beneficial reuse of its fly ash. CenterPoint Energy evaluated the Part B amendments to determine potential impacts and determined that the Part B amendments did not have an impact on its current plans. Shortly after taking office in January 2021, President Biden signed an executive order requiring agencies to review environmental actions taken by the Trump administration, including the CCR Rule Phase I Reconsideration, the Part A amendments, and the Part B amendments; the EPA has completed its review of the Phase I Reconsideration, Part A amendments, and Part B amendments and determined that the most environmentally protective course is to implement the rules. 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. 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. Preliminary groundwater monitoring 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 was required to cease disposal of new ash in the ponds and commence closure of the ponds by April 11, 2021, unless approved for an extension. CenterPoint Energy has applied for the extensions available under the CCR Rule that would allow Indiana Electric to continue to use the ponds through October 15, 2023. The EPA is still reviewing industry extension requests, including CenterPoint Energy’s extension request. Companies can continue to operate ponds pending completion of the EPA’s evaluation of the requests for extension. If the EPA denies a full extension request, that denial may result in increased and potentially significant operational costs in connection with the accelerated implementation of an alternative ash disposal system or may adversely impact Indiana Electric’s future operations. Failure to comply with a cease waste receipt could also result in an enforcement proceeding, resulting in 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 completed closure activities. 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 ponded ash. This petition was subsequently approved by the IURC on May 13, 2020. On October 28, 2020, the IURC approved Indiana Electric’s ECA proceeding, which included the initiation of recovery of the federally mandated project costs. Indiana Electric continues to refine site specific estimates of closure costs for its ten-acre Culley East pond. 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. As of December 31, 2021, CenterPoint Energy has recorded an approximate $90 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. Clean Water Act Permitting of Groundwater Discharges. In April 2021, the U.S. Supreme Court issued an opinion providing that indirect discharges via groundwater or other non-point sources are subject to permitting and liability under the Clean Water Act when they are the functional equivalent of a direct discharge. The Registrants are evaluating the extent to which this decision will affect Clean Water Act permitting requirements and/or liability for their operations. 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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Earnings Per Share (CenterPoint Energy) |
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Earnings Per Share (CenterPoint Energy) | Earnings Per Share (CenterPoint Energy) The Series C Preferred Stock issued in May 2020 were considered participating securities since these shares participated in dividends on Common Stock on a pari passu, pro rata, as-converted basis. As a result, beginning June 30, 2020, earnings per share on Common Stock was computed using the two-class method required for participating securities during the periods the Series C Preferred Stock was outstanding. As of May 7, 2021, all of the remaining outstanding Series C Preferred Stock were converted into shares of Common Stock and earnings per share on Common Stock and, as such, the two-class method was no longer applicable beginning June 30, 2021. The two-class method uses an earnings allocation formula that treats participating securities as having rights to earnings that otherwise would have been available only to common shareholders. Under the two-class method, income (loss) available to common shareholders from continuing operations is derived by subtracting the following from income (loss) from continuing operations: •preferred share dividend requirement; •deemed dividends for the amortization of the beneficial conversion feature recognized at issuance of the Series C Preferred Stock; and •an allocation of undistributed earnings to preferred shareholders of participating securities (Series C Preferred Stock) based on the securities’ right to receive dividends. Undistributed earnings are calculated by subtracting dividends declared on Common Stock, the preferred share dividend requirement and deemed dividends for the amortization of the beneficial conversion feature from net income. Net losses are not allocated to the Series C Preferred Stock as it does not have a contractual obligation to share in the losses of CenterPoint Energy. The Series C Preferred Stock included conversion features at a price that were below the fair value of the Common Stock on the commitment date. This beneficial conversion feature, which was approximately $32 million, represents the difference between the fair value per share of the Common Stock as of the commitment date and the conversion price, multiplied by the number of common shares issuable upon conversion. The beneficial conversion feature was recognized as a discount to Series C Preferred Stock and was amortized as a deemed dividend over the period from the issue date to the first allowable conversion date, which was November 6, 2020. Basic earnings per common share is computed by dividing income available to common shareholders from continuing operations by the basic weighted average number of common shares outstanding during the period. Participating securities are excluded from basic weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing income available to common shareholders from continuing operations by the weighted average number of common shares outstanding, including all potentially dilutive common shares, if the effect of such common shares is dilutive. Diluted earnings per share reflects the dilutive effect of potential common shares from share-based awards and convertible preferred shares. The dilutive effect of the restricted stock, Series B Preferred Stock and Series C Preferred Stock is computed using the if-converted method, which assumes conversion of the restricted stock, Series B Preferred Stock and Series C Preferred Stock at the beginning of the period, giving income recognition for the add-back of the preferred share dividends, amortization of beneficial conversion feature, and undistributed earnings allocated to preferred shareholders. The dilutive effect of restricted stock is computed using the treasury stock method, as applicable, which includes the incremental shares that would be hypothetically vested in excess of the number of shares assumed to be hypothetically repurchased with the assumed proceeds. 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.
(1)There were no undistributed earnings to be allocated to participating securities for the years ended December 31, 2021 and 2020. (2)As of December 31, 2021, all of the outstanding Series B Preferred Stock have been converted into Common Stock. For further information, see Note 13. (3)As of December 31, 2021, all of the outstanding Series C Preferred Stock have been converted into Common Stock. For further information, see Note 13.
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Reportable Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments | (18) Reportable Segments The Registrants’ determination of reportable segments considers the strategic operating units under which its CODM manages sales, allocates resources and assesses performance of various products and services to wholesale or retail customers in differing regulatory environments. Each Registrant’s CODM views net income as the measure of profit or loss for the reportable segments. Certain prior year amounts have been reclassified for assets held for sale and discontinued operations as described below. Additionally, in 2021 CenterPoint Energy transferred certain assets previously recorded in Corporate and Other directly into the reportable segments that received the benefits of such assets, and prior year amounts were reclassified. As of December 31, 2021, reportable segments by Registrant are as follows: CenterPoint Energy •CenterPoint Energy’s Electric reportable segment consisted of electric transmission and distribution services in the Texas gulf coast area and electric transmission and distribution services primarily to southwestern Indiana and includes power generation and wholesale power operations. •CenterPoint Energy’s Natural Gas reportable segment consisted 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. CenterPoint Energy’s Corporate and Other consists of energy performance contracting and sustainable infrastructure services through Energy Systems Group and other corporate operations which support all of the business operations of CenterPoint Energy. Houston Electric •Houston Electric’s single reportable segment consisted of electric transmission services to transmission service customers in the ERCOT region and distribution services to REPs in the Texas gulf coast area. CERC •CERC’s single reportable segment consisted 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; and (ii) permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP. Expenditures for long-lived assets include property, plant and equipment. Intersegment sales are eliminated in consolidation, except as described in Note 2(b). Financial data for reportable segments is as follows, including Corporate and Other and Discontinued Operations for reconciliation purposes: CenterPoint Energy
(1) Interest income from Securitization Bonds of less than $1 million, $1 million and $5 million for the years ended December 31, 2021, 2020 and 2019, respectively, is included in Other income, net on CenterPoint Energy’s and Houston Electric’s respective Statements of Consolidated Income.
(1)Total assets included pension and other postemployment-related regulatory assets of $427 million and $540 million as of December 31, 2021 and 2020, respectively. Assets Held for Sale and Discontinued Operations (CenterPoint Energy and CERC) CenterPoint Energy’s Midstream Investments reportable segment presented in the Registrants’ combined 2020 Form 10-K consisted of the equity investment in Enable (excluding the Enable Series A Preferred Units). In September 2021, CenterPoint Energy’s equity investment in Enable met the held for sale criteria and is reflected as discontinued operations, and as a result this reportable segment is not reflected in the financial data for reportable segments. See Notes 4 and 11 for further information regarding CenterPoint Energy’s equity investment in Enable as held for sale and discontinued operations and the completed Enable Merger. On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group, which consisted 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. 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 consisted of non-rate regulated natural gas sales and service operations. Accordingly, the previously reported Energy Services reportable segment has been eliminated. The transaction closed on June 1, 2020. See Note 4 for further information. On April 29, 2021, CenterPoint Energy, through its subsidiary CERC Corp., entered into an Asset Purchase Agreement to sell its Arkansas and Oklahoma Natural Gas businesses. The Arkansas and Oklahoma Natural Gas businesses are reflected in CenterPoint Energy’s Natural Gas reportable segment and CERC’s single reportable segment, as applicable, and are classified as held for sale as of December 31, 2021. On January 10, 2022, CERC Corp. completed the sale of its Arkansas and Oklahoma Natural Gas businesses. See Note 4 for further information. On August 31, 2021, CenterPoint Energy, through its subsidiary CERC Corp., completed the sale of MES to Last Mile Energy. See Note 4 for further information. Houston Electric Houston Electric consists of a single reportable segment; therefore, a tabular reportable segment presentation has not been included. CERC CERC consists of a single reportable segment; therefore, a tabular reportable segment presentation has not been included. Major Customers (CenterPoint Energy and Houston Electric) Houston Electric’s revenues from major external customers are as follows:
Revenues by Products and Services
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Supplemental Disclosure of Cash Flow Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure of Cash Flow Information | (19) Supplemental Disclosure of Cash Flow Information CenterPoint Energy and CERC elected not to separately disclose discontinued operations on their respective Condensed Statements of Consolidated Cash Flows. The table below provides supplemental disclosure of cash flow information and does not exclude the Infrastructure Services and Energy Services Disposal Groups prior to the closing of the respective transactions. The tables below provide supplemental disclosure of cash flow information:
(1)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. (2)The capital distribution in 2019 is the result of the finalization of the previously estimated net deferred tax assets and liabilities distributed as part of the Internal Spin. 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:
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Related Party Transactions (Houston Electric and CERC) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (Houston Electric and CERC) | 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 money pool activity:
(1)Included in Accounts and notes receivable (payable)–affiliated companies in Houston Electric’s and CERC’s Consolidated Balance Sheets. Houston Electric and CERC affiliate-related net interest income (expense) were as follows:
(1)Interest income is included in Other, net and interest expense is included in Interest and other finance charges on Houston Electric’s and CERC’s respective Statements of Consolidated Income. 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 provided pipeline construction and repair services to CERC’s Natural Gas. Additionally, CERC, through the Energy Services Disposal Group, sold 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. See Note 4 for further information. 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. (2)Property, plant and equipment purchased from CenterPoint Energy at its net carrying value on the date of purchase.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 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 income and expense for operating leases and ROU amortization for finance leases are recognized on a straight-line basis over the lease term. 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 and mobile generators. 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’ operating lease agreements are primarily equipment and real property leases, including land and office facility leases. CenterPoint Energy and Houston Electric also have finance lease agreements for mobile generators. The Registrants’ lease terms may include options to extend or terminate a lease when it is reasonably certain that those options will be exercised. The Registrants have elected an accounting policy that exempts leases with terms of one year or less from the recognition requirements of ASC 842. In 2021 Houston Electric entered into two lease agreements for mobile generation: (1) a temporary short-term lease and (2) a long-term lease. The short-term lease agreement allows Houston Electric to take delivery of mobile generation assets on a short-term basis with a term ending in the third quarter of 2022. Per Houston Electric’s short term lease accounting policy election, a ROU asset and lease liability are not reflected on Houston Electric’s Consolidated Balance Sheets. Expenses associated with the short-term lease, including carrying costs, are deferred to a regulatory asset and totaled $20 million as of December 31, 2021. The long-term lease agreement includes up to 505 MW of mobile generation of which 125 MW was delivered by December 31, 2021, triggering lease commencement at delivery, and has an initial term ending in 2029. Houston Electric derecognized the finance lease liability when the extinguishment criteria in Topic 405 - Liabilities were achieved. Per the terms of the agreement, lease payments are due and made in full by Houston Electric upon taking possession of the asset, relieving substantially all of the associated finance lease liability as of December 31, 2021. The remaining finance lease liability associated with the commenced long-term mobile generation agreement was not significant as of December 31, 2021 and relates to removal costs that will be incurred at the end of the lease term. The lease agreement provides Houston Electric a right to terminate between October 2022 and March 2023 if a regulatory event or ruling creates a material adverse condition, which is not reasonably certain to occur. If the right to terminate is elected, seventy-five percent (75%) of Houston Electric’s prorated prepaid lease costs would be refunded. Houston Electric made payments under the long-term lease agreement for the 125 MW of mobile generation that was delivered during 2021 into an escrow account, not controlled by Houston Electric, and the funds will be released when the lessor provides Houston Electric with the required information to secure a first lien on the generation equipment. Houston Electric will also incur variable costs throughout the lease term for the operation and maintenance of the generators. Lease costs, including variable and ROU asset amortization costs, are deferred to Regulatory assets as incurred as a recoverable cost under the 2021 Texas legislation. Houston Electric intends to seek recovery in its DCRF of deferred costs, lease payments, and applicable return, which approximate $200 million under the mobile generation agreements in 2021. The components of lease cost, included in Operation and maintenance expense on the Registrants’ respective Statements of Consolidated Income, are as follows:
(1) CenterPoint Energy and Houston Electric defer finance lease costs for mobile generation to Regulatory assets for recovery rather than to Depreciation and Amortization in the Statements of Consolidated Income. The components of lease income were as follows:
Supplemental balance sheet information related to leases was as follows:
(1)Reported within in the Registrants’ respective Consolidated Balance Sheets. (2)Reported within in the Registrants’respective Consolidated Balance Sheets. Finance lease assets are recorded net of accumulated amortization. (3)Reported within in the Registrants’ respective Consolidated Balance Sheets. (4)Reported within in the Registrants’ respective Consolidated Balance Sheets. (5)Finance lease liabilities were not material as of December 31, 2021 or 2020 and are reported within Other long-term debt in the Registrants’ respective Consolidated Balance Sheets when applicable. As of December 31, 2021, finance lease liabilities were not significant to the Registrants. As of December 31, 2021, maturities of operating lease liabilities were as follows:
As of December 31, 2021, future minimum finance lease payments were not significant to the Registrants, exclusive of approximately $496 million of legally-binding undiscounted minimum lease payments for finance leases for approximately 380 MW of mobile generation leases signed but not yet commenced. As of December 31, 2021, maturities of undiscounted operating lease payments to be received are as follows:
Other information related to leases is as follows:
See Note 19 for information on ROU assets obtained in exchange for operating lease liabilities.
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Completion of Sale of Arkansas and Oklahoma Natural Gas businesses (CenterPoint Energy and CERC) On January 10, 2022, CERC Corp. completed the sale of its Arkansas and Oklahoma Natural Gas businesses. For additional information, see Note 4. CERC Dividend On February 11, 2022, CERC paid a dividend of $720 million to its parent, Utility Holding.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of EstimatesThe 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation 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 provided underground pipeline construction and repair services for customers that included Natural Gas utilities. In accordance with consolidation guidance in ASC 980—Regulated Operations, costs incurred by Natural Gas utilities for these pipeline construction and repair services were not eliminated in consolidation when capitalized and included in rate base by the Natural Gas utility. 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, 2021, 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.
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Equity Method and Investments Without a Readily Determinable Fair Value (CenterPoint Energy) | Equity Method and Investments without a Readily Determinable Fair Value (CenterPoint Energy) CenterPoint Energy uses the equity method for investments in entities when it exercises significant influence, does not have control and is not considered the primary beneficiary, if applicable. Generally, equity investments in limited partnerships with interest greater than approximately 3-5% is accounted for under the equity method. 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.
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Revenues | RevenuesThe 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/AMI data, supply volumes, estimated line loss and applicable tariff 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. For further discussion, see Note 5. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MISO Transactions | MISO TransactionsIndiana 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | GuaranteesCenterPoint 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). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-lived Assets, Goodwill and Intangibles | 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. No long-lived asset or intangible asset impairments were recorded in 2021, 2020 or 2019. 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. 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.
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Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued OperationsGenerally, 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities | Regulatory Assets and LiabilitiesThe Registrants apply the guidance for accounting for regulated operations within the Electric reportable segment and the Natural Gas 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization Expense | Depreciation and Amortization ExpenseThe 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization of Interest and AFUDC | 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.
(1)Included in Interest and other finance charges on the Registrants’ respective Statements of Consolidated Income, inclusive of $16 million, $13 million and $21 million of debt post in-service carrying costs on property, plant and equipment, primarily in Indiana, deferred into a regulatory asset in the years ended December 31, 2021, 2020 and 2019, respectively. (2)Included in Other Income (Expense) on the Registrants’ respective Statements of Consolidated Income.
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Income Taxes | 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. 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. See Note 15 for further discussion. 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.
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Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit LossesAccounts receivable are recorded at the invoiced amount and do not bear interest. Management reviews historical write-offs, current available information, and reasonable and supportable forecasts to estimate and establish allowance for credit losses. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. See Note 7 for further information about regulatory deferrals of bad debt expense related to COVID-19. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | 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. Certain natural gas in storage at CenterPoint Energy’s and CERC’s utilities are recorded using the LIFO method. CenterPoint Energy’s and CERC’s balances in inventory that were valued using LIFO method were as follows:
(1)Based on the average cost of gas purchased during December 2021, CenterPoint Energy’s and CERC’s cost of replacing inventories carried at LIFO cost was less than the carrying value at December 31, 2021 by $48 million and $-0-, respectively.
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Derivative Instruments | Derivative InstrumentsThe Registrants are exposed to various market risks. These risks arise from transactions entered into in the normal course of business. The Registrants, from time to time, 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 elected to record changes in the fair value of amounts excluded from the assessment of effectiveness immediately in its Statements of Consolidated Income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Equity Securities (CenterPoint Energy) | Investments in Equity Securities (CenterPoint Energy)CenterPoint Energy reports equity securities at estimated fair value in the Consolidated Balance Sheets, and any gains and losses, net of any transaction costs, are recorded as Gain (Loss) on Equity Securities in the Statements of Consolidated Income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Costs | Environmental CostsThe 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | 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, 2021 and 2020 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.
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Preferred Stock Dividends | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Accounting | Purchase AccountingThe 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements | New Accounting PronouncementsManagement believes that other recently adopted and recently issued accounting 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income and expense for operating leases and ROU amortization for finance leases are recognized on a straight-line basis over the lease term. 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 and mobile generators. 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’ operating lease agreements are primarily equipment and real property leases, including land and office facility leases. CenterPoint Energy and Houston Electric also have finance lease agreements for mobile generators. The Registrants’ lease terms may include options to extend or terminate a lease when it is reasonably certain that those options will be exercised. 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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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures | 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.
(1)Included in Interest and other finance charges on the Registrants’ respective Statements of Consolidated Income, inclusive of $16 million, $13 million and $21 million of debt post in-service carrying costs on property, plant and equipment, primarily in Indiana, deferred into a regulatory asset in the years ended December 31, 2021, 2020 and 2019, respectively. (2)Included in Other Income (Expense) on the Registrants’ respective Statements of Consolidated Income.
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LIFO 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. Certain natural gas in storage at CenterPoint Energy’s and CERC’s utilities are recorded using the LIFO method. CenterPoint Energy’s and CERC’s balances in inventory that were valued using LIFO method were as follows:
(1)Based on the average cost of gas purchased during December 2021, CenterPoint Energy’s and CERC’s cost of replacing inventories carried at LIFO cost was less than the carrying value at December 31, 2021 by $48 million and $-0-, respectively.
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Property, Plant and Equipment (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment includes the following:
(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, 2021, is $196 million with accumulated depreciation totaling $154 million. AGC and SIGECO share equally in the cost of operation and output of the unit. SIGECO’s share of operating costs is included in Operation and maintenance expense in CenterPoint Energy’s Statements of Consolidated Income.
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Depreciation and Amortization | The following table presents depreciation and amortization expense for 2021, 2020 and 2019:
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Asset Retirement Obligation | 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:
(1)Reflected in Regulatory assets on each of the Registrants’ respective Consolidated Balance Sheets. (2)In 2021, the Registrants 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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Held for Sale, Divestitures and Mergers (CenterPoint Energy and CERC) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Long Lived Assets Held-for-sale | The assets and liabilities of the Arkansas and Oklahoma Natural Gas businesses and equity method investment in Enable classified as held for sale in CenterPoint Energy’s and CERC’s Consolidated Balance Sheets, as applicable, included the following:
(1)Balance of $782 million as of December 31, 2020 is reported as Non-current assets held for sale on CenterPoint Energy’s Consolidated Balance Sheets. (2)Represents third-party AMAs associated with utility distribution service in Arkansas and Oklahoma. These transactions are accounted for as an inventory financing. For further information, see Notes 14 and 16. The pre-tax income for the Arkansas and Oklahoma Natural Gas businesses, excluding interest and corporate allocations, included in CenterPoint Energy’s and CERC’s Statements of Consolidated Income is as follows:
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Disposal Groups, Including Discontinued Operations | A summary of discontinued operations presented in CenterPoint Energy’s Statements of Consolidated Income is as follows:
(1)CenterPoint Energy recognized a loss of $1,428 million from its investment in Enable for the year ended December 31, 2020. This loss included an impairment charge on CenterPoint Energy’s investment in Enable of $1,541 million and CenterPoint Energy’s interest in Enable’s $225 million impairment on an equity method investment. (2)Loss from classification to held for sale is inclusive of goodwill impairments, gains and losses recognized upon sale, and for CenterPoint Energy, its costs to sell. (3)Reflects February 1, 2019 to December 31, 2019 results only due to the Merger. (4)Includes CenterPoint Energy’s share of Enable’s $86 million goodwill impairment recorded in the fourth quarter of 2019. A summary of the Energy Services Disposal Group presented as discontinued operations in CERC’s Statements of Consolidated Income, as applicable, is as follows:
(1)Loss from classification to held for sale is inclusive of goodwill impairment, gains and losses recognized upon sale, and for CenterPoint Energy, its costs to sell. Revenues and expenses included in continuing operations were as follows:
Fees incurred by CenterPoint Energy’s and CERC’s Natural Gas reportable segment for pipeline construction and repair services are as follows:
(1)Represents charges for the period January 1, 2020 until the closing of the sale of the Infrastructure Services Disposal Group. (2)Represents charges for the period beginning February 1, 2019 through December 31, 2019 due to the Merger.
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Disposal Groups, Including Discontinued Operations Cash Flow | The following table summarizes CenterPoint Energy’s and CERC’s cash flows from discontinued operations and certain supplemental cash flow disclosures as applicable:
(1)Reflects February 1, 2019 to December 31, 2019 results only due to the Merger.
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Business Acquisition, Pro Forma Information | 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:
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Revenue Recognition (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables disaggregate revenues by reportable segment and major source and exclude operating revenues from the Energy Services and Infrastructure Services Disposal Groups, which are reflected as discontinued operations prior to the date of closing of each transaction. See Note 4 for further information. CenterPoint Energy
(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. Total lease income was $7 million for the year ended December 31, 2021 and $6 million for each of the years ended December 31, 2020 and 2019. (2)Reflects revenues from Vectren subsidiaries for the period from February 1, 2019 to December 31, 2019. Houston Electric
(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. Lease income was not significant for the years ended December 31, 2021, 2020, and 2019. CERC
(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. Lease income was $3 million, $2 million and less than $1 million, respectively, for the years ended December 31, 2021, 2020 and 2019.
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Contract with Customer, Asset and Liability | The opening and closing balances of accounts receivable, other accrued unbilled revenue, contract assets and contract liabilities from contracts with customers are as follows: CenterPoint Energy
The amount of revenue recognized in the year ended December 31, 2021 that was included in the opening contract liability was $17 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. Houston Electric
The amount of revenue recognized in the year ended December 31, 2021 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 | 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 Energy Systems Group, which are included in Corporate and Other.
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Accounts Receivable, Allowance for Credit Loss | The table below summarizes the Registrants’ bad debt expense amounts for 2021, 2020 and 2019, net of regulatory deferrals, including those related to COVID-19:
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Goodwill and Other Intangibles (CenterPoint Energy and CERC) (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill by Reportable Segments | CenterPoint Energy’s goodwill by reportable segment as of December 31, 2020 and changes in the carrying amount of goodwill as of December 31, 2021 are as follows:
CERC’s goodwill is as follows:
(1)Amount presented is net of the accumulated goodwill impairment charge of $185 million recorded in 2020. (2)Represents goodwill attributable to the Natural Gas businesses. For further information, see Note 4. (3)Represents goodwill attributable to the MES disposal. For further information, see Note 4.
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Schedule of Finite-Lived Intangible Assets | The tables below present information on CenterPoint Energy’s other intangible assets recorded in Other in Other Assets 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 in the tables below.
(1)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 |
(1)Includes $5 million for the year ended December 31, 2019 of amortization expense related to intangibles acquired in the Merger. (2)Assets held for sale are not amortized. The table reflects amortization on continuing operations. For further information on discontinued operations, see Note 4.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | terPoint Energy estimates that amortization expense of intangible assets with finite lives for the next five years will be as follows:
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Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities | The following is a list of regulatory assets and liabilities, excluding amounts related to the Arkansas and Oklahoma Natural Gas businesses classified as held for sale, reflected on the Registrants’ respective Consolidated Balance Sheets as of December 31, 2021 and 2020. For information about regulatory assets and liabilities in held for sale, see Note 4.
(1)Pension and postretirement-related regulatory assets balances are measured annually, and the ending amortization period may change based on the actuarial valuation. (2)Represents the following: (a) CenterPoint Energy’s allowed equity return on post in-service carrying cost generally associated with investments in Indiana; (b) Houston Electric’s allowed equity return on its true-up balance of stranded costs, other changes and related interest resulting from the formerly integrated electric utilities prior to Texas deregulation to be recovered in rates through 2024 and certain storm restoration balances pending recovery in the next rate proceeding; and (c) CERC’s allowed equity return on post in-service carrying cost associated with certain distribution facilities replacements expenditures in Texas. (3)Of the $1.1 billion, $527 million and $111 million currently being recovered in customer rates related to CenterPoint Energy, Houston Electric and CERC, respectively, $558 million, $459 million and $7 million is earning a return, respectively. The weighted average recovery period of regulatory assets currently being recovered in base rates, not earning a return, which totals $175 million, $67 million and $69 million for CenterPoint Energy, Houston Electric and CERC, respectively, is 11 years, 23 years and 2 years, respectively. Regulatory assets not earning a return with perpetual or undeterminable lives have been excluded from the weighted average recovery period calculation. (4)Current regulatory assets for CenterPoint Energy and CERC include extraordinary gas costs of $1,256 million and $1,182 million, respectively. (5)Current regulatory liabilities are included in Other current liabilities in each of the Registrants’ respective Consolidated Balance Sheets. The table below reflects the amount of allowed equity return recognized by each Registrant in its Statements of Consolidated Income:
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Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of Stock-Based Incentive Compensation Plans and Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes CenterPoint Energy’s expenses related to LTIPs for 2021, 2020 and 2019:
(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 | The following tables summarize CenterPoint Energy’s LTIP activity for 2021:
(1)Reflects maximum performance achievement. (2)Reflects the impact of current expectations of achievement and stock price.
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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 | The weighted average grant date fair values per unit of awards granted were as follows for 2021, 2020 and 2019:
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Schedule of Net Benefit Costs | CenterPoint Energy’s net periodic cost includes the following components relating to pension, including the non-qualified benefit plans:
(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 2021, 2020 and 2019, CenterPoint Energy recognized non-cash settlement cost due to lump sum settlement payments. (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 Date. Postretirement benefits are accrued over the active service period of employees. The net postretirement benefit cost includes the following components:
(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.
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Schedule of Assumptions Used | CenterPoint Energy used the following assumptions to determine net periodic cost relating to pension benefits:
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 | 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, 2021 and 2020.
(1)Significant sources of gain for 2021 include the increase in discount rate from 2.45% to 2.80%, and actual return on plan assets exceeding expected return on assets during 2021. (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. 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, 2021 and 2020.
(1)Significant sources of gain for 2021 include updated claims and demographic experience and the increase in discount rate from 2.50% to 2.85%. (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.
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | 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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Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss (gain) consist of the following:
Changes in accumulated comprehensive income (loss) are as follows:
(1)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. (2)Amounts presented represent a one-time, non-cash settlement cost (benefit), prior to regulatory deferrals, which are 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. Amounts presented in the table above are included in Other income (expense), net in CenterPoint Energy’s Statements of Consolidated Income, net of regulatory deferrals. (3)The cost of debt approved by the PUCT as part of Houston Electric’s Stipulation and Settlement Agreement included unrealized gains and losses on interest rate hedges. Accordingly, deferred gains and losses on interest rate hedges were reclassified to regulatory assets or liabilities, as appropriate.
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Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The changes in plan assets and benefit obligations recognized in other comprehensive income during 2021 are as follows:
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Target Allocation 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, 2021:
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, 2021:
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Schedule of Allocation of Plan Assets | 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, 2021 and 2020:
(1)Represents investments in common collective trust funds. (2)The amounts invested in mutual funds and common collective trust funds were allocated as follows:
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, 2021 and 2020:
The amounts invested in mutual funds were allocated as follows:
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Benefit Plan Contributions | The Registrants made the following contributions in 2021 and expect to make the following minimum contributions in 2022 to the indicated benefit plans below:
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Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid by the pension and postretirement benefit plans:
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Defined Contribution Plan Disclosures | 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 2021, 2020 and 2019:
(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.
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Other Benefit Plans | 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 | As of December 31, 2021, the Registrants’ employees were covered by collective bargaining agreements as follows:
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Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below summarizes the Registrants’ outstanding interest rate hedging activity:
(1)Relates to interest rate derivative instruments at SIGECO.
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Fair Value of Derivative Instruments | The following tables present information about derivative instruments and hedging activities. The first table provides a balance sheet overview of Derivative Assets and Liabilities as of December 31, 2021 and 2020, while the last table provides a breakdown of the related income statement impacts for the years ending December 31, 2021, 2020 and 2019. Fair Value of Derivative Instruments and Hedged Items (CenterPoint Energy)
(1)Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due. However, the mark-to-market fair value of each natural gas contract is in a liability position with no offsetting amount (2)Derivative component of the ZENS obligation that represents the ZENS holder’s option to receive the appreciated value of the reference shares at maturity. See Note 12 for further information.
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Income Statement Impact of Derivative Activity | Income Statement Impact of Hedge Accounting Activity (CenterPoint Energy)
(c) Credit Risk Contingent Features (CenterPoint Energy) Certain of CenterPoint Energy’s derivative instruments contain provisions that require CenterPoint Energy’s debt to maintain an investment grade credit rating on its long-term unsecured unsubordinated debt from S&P and Moody’s. If CenterPoint Energy’s debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment.
(1)The maximum collateral required if further escalating collateral is triggered would equal the net liability position.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on a Recurring Basis | 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, 2021 and December 31, 2020, and indicate the fair value hierarchy of the valuation techniques utilized by the Registrants to determine such fair value. CenterPoint Energy
Houston Electric
CERC
(1)Amounts are included in Prepaid and Other Current Assets in the respective Consolidated Balance Sheets.
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Estimated Fair Value of Financial Instruments, Debt 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 equity securities, including ZENS related derivative liabilities, 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.
(1)Includes Securitization Bond debt.
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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 | Distributions Received from Enable (CenterPoint Energy and CERC): CenterPoint Energy
(1)As of December 31, 2020, the Enable Series A Preferred Units annual distribution rate was 10%. On February 18, 2021, five years after the issue date, the Enable Series A Preferred Units annual distribution rate changed to a percentage of the Stated Series A Liquidation Preference per Enable Series A Preferred Unit equal to the sum of (a) Three-Month LIBOR, as calculated on each applicable date of determination, and (b) 8.5%. The transactions with Enable through December 2, 2021 in the following tables exclude transactions with the Energy Services Disposal Group. See Note 4 for further information.
(1)Included in Non-utility costs of revenues, including natural gas on CenterPoint Energy’s and CERC’s respective Statements of Consolidated Income.
Summarized consolidated income (loss) information for Enable is as follows:
(1)Reflects January 1, 2021 to December 2, 2021 results only due to the closing of the Enable Merger. (2)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 was being amortized through the year 2048 and ceased upon closing of the Enable Merger. (3)Reported as discontinued operations on CenterPoint Energy’s Statements of Consolidated Income. For further information, see Note 4. Summarized consolidated balance sheet information for Enable is as follows:
(1)Reflects balances as of the closing of the Enable Merger on December 2, 2021. (2)Includes the impairment of CenterPoint Energy’s equity method investment in Enable of $1,541 million recorded during the year ended December 31, 2020. The basis difference was being amortized through the year 2048 and ceased upon closing of the Enable Merger. (3)Reflected in assets held for sale in CenterPoint Energy’s Consolidated Balance Sheet as of December 31, 2020. For further information, see Note 4.
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Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) (Tables) |
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Indexed Debt Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information on Investment in Time Warner Securities and Indexed Debt Security Obligation | CenterPoint Energy’s sales of equity securities during the year ended December 31, 2021 are as follows:
(1)Settlement date for a forward sale transaction that CNP Midstream entered into through a Forward Sale Agreement on September 1, 2021 with an investment banking financial institution for 50 million Energy Transfer Common Units CNP Midstream received as consideration in the Enable Merger in exchange for the proceeds of the forward sale transaction. (2)Proceeds are net of transaction costs. CenterPoint Energy’s reference shares for each ZENS consisted of the following:
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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Gain (Loss) on Securities | Gains and losses on equity securities, net of transaction costs, are recorded as Gain (Loss) on Equity Securities in CenterPoint Energy’s Statements of Consolidated Income.
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Debt Securities, Trading, and Equity Securities, FV-NI | CenterPoint Energy and its subsidiaries hold shares of certain securities detailed in the table below, which are classified as trading securities. Shares of AT&T Common and Charter Common are expected to be held to facilitate CenterPoint Energy’s ability to meet its obligation under the ZENS.
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Equity (CenterPoint Energy) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | CenterPoint Energy declared and paid dividends on its Common Stock during 2021, 2020 and 2019 as presented in the table below:
(1)The Series C Preferred Stock was entitled to participate in any dividend or distribution (excluding those payable in Common Stock) with the Common Stock on a pari passu, pro rata, as-converted basis. The per share amount reflects the dividend per share of Common Stock as if the Series C Preferred Stock were converted into Common Stock. There were no Series C Preferred Stock outstanding or dividends declared in 2019. All of the outstanding Series C Preferred Stock was converted to Common Stock during 2021 as described below. (2)On April 1, 2020, in response to the reduction in cash flow related to the reduction in Enable quarterly common unit distributions announced by Enable on April 1, 2020, CenterPoint Energy announced a reduction of its quarterly Common Stock dividend per share from $0.2900 to $0.1500. Preferred Stock (CenterPoint Energy)
Dividend Requirement on Preferred Stock
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Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss (gain) consist of the following:
Changes in accumulated comprehensive income (loss) are as follows:
(1)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. (2)Amounts presented represent a one-time, non-cash settlement cost (benefit), prior to regulatory deferrals, which are 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. Amounts presented in the table above are included in Other income (expense), net in CenterPoint Energy’s Statements of Consolidated Income, net of regulatory deferrals. (3)The cost of debt approved by the PUCT as part of Houston Electric’s Stipulation and Settlement Agreement included unrealized gains and losses on interest rate hedges. Accordingly, deferred gains and losses on interest rate hedges were reclassified to regulatory assets or liabilities, as appropriate.
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Short-term Borrowings and Long-term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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)These pollution control bonds were secured by general mortgage bonds of Houston Electric as of December 31, 2021 and 2020 and are not reflected in Houston Electric’s consolidated financial statements because of the contingent nature of the obligations. (4)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. (5)Commercial paper issued by CenterPoint Energy, CERC Corp. and VUHI has maturities up to 60 days, 30 days, and 30 days, respectively, and are backstopped by the respective issuer’s long-term revolving credit facility. (6)The senior notes issued by VUHI are guaranteed by SIGECO, Indiana Gas and VEDO. (7)The first mortgage bonds issued by SIGECO subject SIGECO’s properties to a lien under the related mortgage indenture as further discussed below. (8)Issued by CERC Corp. (9)Represents AMA transactions accounted for as an inventory financing. Outstanding obligations related to third-party AMAs associated with utility distribution service in Arkansas and Oklahoma of $36 million as of December 31, 2021 are reflected in current liabilities held for sale on CenterPoint Energy’s and CERC’s Condensed Consolidated Balance Sheets. For further information about AMAs, see Notes 4 and 16.
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Schedule of Revolving Credit Facilities and Utilization of Such Facilities | During 2021, the following debt instruments were issued or incurred:
(1)In February 2021, CERC Corp. received financing commitments totaling $1.7 billion on a 364-day term loan facility to bridge any working capital needs related to the February 2021 Winter Storm Event. Total proceeds of the senior notes and floating rate senior note offerings, net of issuance expenses and fees, of approximately $1.69 billion were used for general corporate purposes, including to fund working capital. Upon the consummation of its senior notes offerings, in March 2021, CERC Corp. terminated all of the commitments for the 364-day term loan facility. (2)Total proceeds, net of issuance expenses and fees, of approximately $1.08 billion were used for general limited liability company purposes, including capital expenditures and the repayment of outstanding debt discussed below and Houston Electric’s borrowings under the CenterPoint Energy money pool. (3)Total proceeds, net of issuance expenses and fees, of approximately $1.69 billion, excluding amounts issued by Houston Electric and CERC, were used for general corporate purposes, including the repayment of outstanding debt discussed below and a portion of CenterPoint Energy’s outstanding commercial paper. During 2021, the following debt instruments were repaid at maturity or redeemed, excluding scheduled principal payments of $211 million on the Securitization bonds:
(1)In December 2021, CERC provided notice of redemption and on December 30, 2021, CERC redeemed all of the outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable make-whole premium. (2)In April 2021, Houston Electric provided notice of redemption and on May 1, 2021, Houston Electric redeemed all of the outstanding bonds of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest. (3)In December 2020, CenterPoint Energy provided notice of redemption of a portion of its outstanding $500 million aggregate principal amount of the series and on January 15, 2021, CenterPoint Energy redeemed $250 million aggregate principal amount of the series at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest and an applicable make-whole premium. (4)In April 2021, CenterPoint Energy amended its existing term loan agreement by extending its maturity from May 15, 2021 to June 14, 2021. The outstanding LIBOR rate loan balance was prepaid in full at a price equal to 100% of the principal amount, plus accrued and unpaid interest, which was calculated based on the interest rate at maturity. (5)In May 2021, CenterPoint Energy provided notice of redemption and on June 1, 2021, CenterPoint Energy redeemed all of the outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable make-whole premium. (6)In December 2021, CenterPoint Energy provided notice of redemption and on December 30, 2021, CenterPoint Energy redeemed all of the outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and an applicable make-whole premium. The Registrants had the following revolving credit facilities as of December 31, 2021:
(1)Based on credit ratings as of December 31, 2021. (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 to 70% if Houston Electric experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that Houston Electric has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive 12-month period, all or part of which Houston Electric intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. (4)This credit facility was issued by VUHI, is guaranteed by SIGECO, Indiana Gas and VEDO and includes a $20 million letter of credit sublimit. This credit facility backstops VUHI’s commercial paper program. The Registrants, as well as the subsidiaries of CenterPoint Energy discussed above, were in compliance with all financial debt covenants as of December 31, 2021. As of December 31, 2021 and 2020, the Registrants had the following revolving credit facilities and utilization of such facilities:
(1)CenterPoint Energy’s outstanding commercial paper generally has maturities of 60 days or less. (2)This credit facility was issued by VUHI and is guaranteed by SIGECO, Indiana Gas and VEDO.
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Schedule of Maturities of Long-term Debt | Maturities. As of December 31, 2021, maturities of long-term debt, excluding the ZENS obligation and unamortized discounts, premiums and issuance costs, were as follows:
(1)These maturities include Securitization Bonds principal repayments on scheduled payment dates.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | The components of the Registrant’s income tax expense (benefit) were as follows:
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Reconciliation of Expected Federal Income Tax Expense to Actual | 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:
(1)Recognized a $75 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $23 million benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, and a $15 million benefit for the impact of a change in the NOL carryforward period in Louisiana from 20 years to an indefinite period allowing for the release of the valuation allowance on certain Louisiana NOLs. (2)Recognized a $76 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $39 million deferred tax expense for the non-deductible portion of the goodwill impairment on SIGECO, and a $37 million benefit for the NOL carryback claim allowed by the CARES Act. (3)Recognized a $55 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $33 million net benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, and a $4 million net benefit for the reduction in valuation allowances on certain state NOLs that are now expected to be realized. (4)Recognized a $27 million benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions. (5)Recognized a $25 million deferred tax expense for the non-deductible portion of the goodwill impairment on both the Energy Services and Infrastructure Services Disposal Groups. Also, recognized a $30 million net tax expense on both the sale of the Energy Services and Infrastructure Services Disposal Groups. (6)Recognized a $12 million deferred tax expense for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, and an $8 million deferred tax expense for the non-deductible portion of the goodwill impairment on the Energy Services Disposal Group. (7)Recognized a $41 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions. (8)Recognized a $42 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions. (9)Recognized a $21 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions. (10)Recognized a $15 million benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions, a $16 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, and a $15 million benefit for the impact of a change in the NOL carryforward period in Louisiana from 20 years to an indefinite period allowing for the release of the valuation allowance on certain Louisiana NOLs. (11)Recognized a $16 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulatory in certain jurisdictions. (12)Recognized an $18 million benefit for the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions, a $4 million net benefit for the impact of state law changes that resulted in the remeasurement of state deferred taxes in those jurisdictions and a $4 million net benefit for the reduction in valuation allowances on certain state NOLs that are now expected to be realized. (13)Recognized a $10 million deferred tax expense for the non-deductible portion of the goodwill impairment on the Energy Services Disposal Group. (14)Recognized an $8 million deferred tax expense for the non-deductible portion of the goodwill impairment on the Energy Services Disposal Group.
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Tax Assets and Liabilities | 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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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of CenterPoint Energy’s beginning and ending balance of unrecognized tax benefits, excluding interest and penalties, for 2021 and 2020 are as follows:
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Purchase Commitment | As of December 31, 2021, minimum purchase obligations were approximately:
(1)On January 10, 2022, CERC Corp. completed the sale of its Arkansas and Oklahoma Natural Gas businesses; therefore minimum purchase obligations for the Arkansas and Oklahoma Natural Gas businesses have been excluded from the table above. For additional information, see Note 4. (2)CenterPoint Energy’s undiscounted minimum payment obligations related to PPAs with commitments ranging from 15 to 25 years and its purchase commitment under its BTA in Posey County, Indiana at the original contracted amount, prior to any renegotiation, are included above. The remaining undiscounted payment obligations relate primarily to technology hardware and software agreements.
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Schedule of Environmental Loss Contingencies by Site | 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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Earnings Per Share (CenterPoint Energy) (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share | 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.
(1)There were no undistributed earnings to be allocated to participating securities for the years ended December 31, 2021 and 2020. (2)As of December 31, 2021, all of the outstanding Series B Preferred Stock have been converted into Common Stock. For further information, see Note 13. (3)As of December 31, 2021, all of the outstanding Series C Preferred Stock have been converted into Common Stock. For further information, see Note 13.
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Reportable Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data for Business Segments | Financial data for reportable segments is as follows, including Corporate and Other and Discontinued Operations for reconciliation purposes: CenterPoint Energy
(1) Interest income from Securitization Bonds of less than $1 million, $1 million and $5 million for the years ended December 31, 2021, 2020 and 2019, respectively, is included in Other income, net on CenterPoint Energy’s and Houston Electric’s respective Statements of Consolidated Income.
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Schedule of Revenue by Major Customers by Reporting Segments | Houston Electric’s revenues from major external customers are as follows:
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Revenues by Products and Services | Revenues by Products and Services
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Supplemental Disclosure of Cash Flow Information (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The tables below provide supplemental disclosure of cash flow information:
(1)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. (2)The capital distribution in 2019 is the result of the finalization of the previously estimated net deferred tax assets and liabilities distributed as part of the Internal Spin. 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:
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Related Party Transactions (Houston Electric and CERC) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Money Pool Investment and Borrowing | 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 money pool activity:
(1)Included in Accounts and notes receivable (payable)–affiliated companies in Houston Electric’s and CERC’s Consolidated Balance Sheets.
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Schedule of Related Party Transactions | Houston Electric and CERC affiliate-related net interest income (expense) were as follows:
(1)Interest income is included in Other, net and interest expense is included in Interest and other finance charges on Houston Electric’s and CERC’s respective Statements of Consolidated Income. 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. (2)Property, plant and equipment purchased from CenterPoint Energy at its net carrying value on the date of purchase.
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease cost, included in Operation and maintenance expense on the Registrants’ respective Statements of Consolidated Income, are as follows:
(1) CenterPoint Energy and Houston Electric defer finance lease costs for mobile generation to Regulatory assets for recovery rather than to Depreciation and Amortization in the Statements of Consolidated Income.
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Operating Lease, Lease Income | The components of lease income were as follows:
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Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases was as follows:
(1)Reported within in the Registrants’ respective Consolidated Balance Sheets. (2)Reported within in the Registrants’respective Consolidated Balance Sheets. Finance lease assets are recorded net of accumulated amortization. (3)Reported within in the Registrants’ respective Consolidated Balance Sheets. (4)Reported within in the Registrants’ respective Consolidated Balance Sheets. (5)Finance lease liabilities were not material as of December 31, 2021 or 2020 and are reported within Other long-term debt in the Registrants’ respective Consolidated Balance Sheets when applicable.
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Lessee, Operating Lease, Liability, Maturity | As of December 31, 2021, maturities of operating lease liabilities were as follows:
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Lessor, Operating Lease, Payments to be Received, Maturity | As of December 31, 2021, maturities of undiscounted operating lease payments to be received are as follows:
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Other Information Related To Leases | Other information related to leases is as follows:
|
Revenue Recognition - Schedule of Bad Debt Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Bad debt expense | $ 12 | $ 24 | $ 18 |
Houston Electric | |||
Bad debt expense | 0 | 0 | 0 |
CERC Corp | |||
Bad debt expense | $ 11 | $ 18 | $ 14 |
Regulatory Matters - Schedule of Allowed Equity Return Recognized (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Public Utilities, General Disclosures [Line Items] | |||
Allowed equity return recognized | $ 40 | $ 31 | $ 45 |
Houston Electric | |||
Public Utilities, General Disclosures [Line Items] | |||
Allowed equity return recognized | 37 | 31 | 45 |
CERC Corp | |||
Public Utilities, General Disclosures [Line Items] | |||
Allowed equity return recognized | $ 1 | $ 0 | $ 0 |
Derivative Instruments - Interest Rate Hedging and Weather Hedges (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Weather hedge, term | 10 years | |
Not Designated as Hedging Instrument, Economic Hedge | Interest rate derivatives | ||
Economic hedge | $ 84 | $ 84 |
Unconsolidated Affiliate (CenterPoint Energy and CERC) - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Feb. 16, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Cash paid for merger | $ 5 | ||||
Gain on Enable Merger | $ 681 | $ 0 | $ 0 | ||
OGE | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payment upon termination of partnership | $ 30 | ||||
Enable Midstream Partners | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Limited partner ownership interest | 79.20% | ||||
Gain on Enable Merger | 680 | 0 | 0 | ||
Equity method investment, fair value | $ 848 | ||||
Equity method investment, impairment | $ 0 | $ 1,541 | $ 0 | ||
Enable Midstream Partners | Common Units | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Gain on Enable Merger | $ 680 | ||||
Enable Midstream Partners | Series A Preferred Units [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Gain on Enable Merger | $ 1 |
Unconsolidated Affiliate (CenterPoint Energy and CERC) - Summarized Consolidated Income (Loss) Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | $ 8,352,000,000 | $ 7,418,000,000 | $ 7,564,000,000 | ||
Goodwill impairment | $ 0 | $ 0 | 0 | 185,000,000 | 0 |
Income (loss) available to common shareholders - basic | 1,391,000,000 | (949,000,000) | 674,000,000 | ||
Gain on Enable Merger | 681,000,000 | 0 | 0 | ||
Equity in earnings (loss) of unconsolidated affiliates, net | 339,000,000 | (1,428,000,000) | 230,000,000 | ||
Enable Midstream Partners | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | 3,466,000,000 | 2,463,000,000 | 2,960,000,000 | ||
Cost of sales, excluding depreciation and amortization | 1,959,000,000 | 965,000,000 | 1,279,000,000 | ||
Depreciation and amortization | 382,000,000 | 420,000,000 | 433,000,000 | ||
Goodwill impairment | 0 | 28,000,000 | 86,000,000 | ||
Operating income | 634,000,000 | 465,000,000 | 569,000,000 | ||
Income (loss) available to common shareholders - basic | 461,000,000 | 52,000,000 | 360,000,000 | ||
CenterPoint Energy’s interest | 248,000,000 | 28,000,000 | 193,000,000 | ||
Basis difference amortization (2) | 92,000,000 | 87,000,000 | 47,000,000 | ||
Loss on dilution, net of proportional basis difference recognition | (1,000,000) | (2,000,000) | (11,000,000) | ||
Impairment of CenterPoint Energy’s equity method investment in Enable | 0 | (1,541,000,000) | 0 | ||
Gain on Enable Merger | 680,000,000 | 0 | 0 | ||
Equity in earnings (loss) of unconsolidated affiliates, net | $ 1,019,000,000 | $ (1,428,000,000) | $ 229,000,000 |
Unconsolidated Affiliate (CenterPoint Energy and CERC) - Summarized Balance Sheet Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 02, 2021 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | $ 7,355 | $ 2,920 | ||
Current liabilities | 4,287 | 4,825 | ||
Total shareholders’ equity | 9,415 | 8,348 | $ 8,359 | |
Enable Midstream Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 381 | $ 594 | ||
Non-current assets | 11,348 | 11,227 | ||
Current liabilities | 582 | 1,254 | ||
Non-current liabilities | 4,052 | 3,281 | ||
Non-controlling interest | 26 | 26 | ||
Preferred equity | 362 | 362 | ||
Accumulated other comprehensive loss | (6) | (1) | ||
Total shareholders’ equity | 6,713 | 6,899 | ||
CenterPoint Energy’s ownership interest in Enable partners’ equity | 3,601 | 3,701 | ||
CenterPoint Energy’s basis difference (2) | (2,819) | (2,732) | ||
Investment in unconsolidated affiliates | 782 | $ 969 | ||
Equity method investment, impairment | $ 0 | $ 1,541 | $ 0 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Sale of Equity Securities (Details) - Energy Transfer Common Units - USD ($) $ in Millions |
Dec. 13, 2021 |
Dec. 10, 2021 |
Dec. 08, 2021 |
---|---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | |||
Units sold (in shares) | 100,000,000 | 50,000,000 | |
Proceeds from sale of units | $ 745 | $ 384 | |
Energy Transfer Series G Preferred Units | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Units sold (in shares) | 192,390 | ||
Proceeds from sale of units | $ 191 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Gain (Loss) On Equity Securities (CenterPoint Energy) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Debt and Equity Securities, FV-NI [Line Items] | |||
Gain (loss) on equity securities | $ (172) | $ 49 | $ 282 |
AT&T Common | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Gain (loss) on equity securities | (43) | (105) | 108 |
Charter Common | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Gain (loss) on equity securities | (8) | 154 | 174 |
Energy Transfer Common Units | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Gain (loss) on equity securities | (124) | 0 | 0 |
Energy Transfer Series G Preferred Units | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Gain (loss) on equity securities | 2 | 0 | 0 |
Other | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Gain (loss) on equity securities | $ 1 | $ 0 | $ 0 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Securities Classified as Trading (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Carrying value | $ 1,439 | $ 871 |
AT&T Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 10,212,945 | 10,212,945 |
Carrying value | $ 251 | $ 294 |
Charter Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 872,503 | 872,503 |
Carrying value | $ 569 | $ 577 |
Energy Transfer Common Units | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 50,999,768 | 0 |
Carrying value | $ 420 | $ 0 |
Energy Transfer Series G Preferred Units | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 192,390 | 0 |
Carrying value | $ 196 | $ 0 |
Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Carrying value | $ 3 | $ 0 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Reference Shares (Details) - ZENS debt - shares |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
AT&T Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Number of shares referenced in exchangeable subordinated note | 0.7185 | 0.7185 |
Charter Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Number of shares referenced in exchangeable subordinated note | 0.061382 | 0.061382 |
Short-term Borrowings and Long-term Debt - Schedule of Maturities (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
---|---|
Houston Electric | |
Debt Instrument [Line Items] | |
2022 | $ 520 |
2023 | 356 |
2024 | 161 |
2025 | 0 |
2026 | 300 |
CERC Corp | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 1,700 |
2024 | 899 |
2025 | 0 |
2026 | 0 |
Long term Debt Excluding ZENS | |
Debt Instrument [Line Items] | |
2022 | 524 |
2023 | 2,113 |
2024 | 4,283 |
2025 | 51 |
2026 | 860 |
Securitization Bonds | |
Debt Instrument [Line Items] | |
2022 | 220 |
2023 | 156 |
2024 | 161 |
2025 | 0 |
2026 | $ 0 |
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Reconciliation of Unrecognized Tax Benefits, excluding interest and penalties: | ||
Balance, beginning of year | $ 7 | $ 8 |
Increases related to tax positions of prior years | 0 | 3 |
Decreases related to tax positions of prior years | (4) | (4) |
Balance, end of year | $ 3 | $ 7 |
Commitments and Contingencies - Purchase Obligations (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
Natural Gas and Coal Supply | |
Purchase Obligations | |
2022 | $ 560 |
2023 | 444 |
2024 | 378 |
2025 | 318 |
2026 | 254 |
2027 and beyond | 1,586 |
Natural Gas and Coal Supply | CERC Corp | |
Purchase Obligations | |
2022 | 322 |
2023 | 253 |
2024 | 247 |
2025 | 206 |
2026 | 176 |
2027 and beyond | 1,282 |
Technology Hardware and Software | |
Purchase Obligations | |
2022 | 66 |
2023 | 500 |
2024 | 178 |
2025 | 30 |
2026 | 29 |
2027 and beyond | $ 596 |
Technology Hardware and Software | Minimum | Capital Addition Purchase Commitments | |
Purchase Obligations | |
Purchase obligation term | 15 years |
Technology Hardware and Software | Maximum | Capital Addition Purchase Commitments | |
Purchase Obligations | |
Purchase obligation term | 25 years |
Commitments and Contingencies - Estimated Range of Possible Remediation Costs (Details) - Minnesota and Indiana Gas Service Territories $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
Loss Contingencies [Line Items] | |
Liability recorded for remediation of Minnesota sites | $ 16 |
Minimum | |
Loss Contingencies [Line Items] | |
Site Contingency Loss Exposure | $ 11 |
Years to resolve contingency | 5 years |
Maximum | |
Loss Contingencies [Line Items] | |
Site Contingency Loss Exposure | $ 58 |
Years to resolve contingency | 50 years |
CERC Corp | |
Loss Contingencies [Line Items] | |
Liability recorded for remediation of Minnesota sites | $ 11 |
CERC Corp | Minimum | |
Loss Contingencies [Line Items] | |
Site Contingency Loss Exposure | $ 8 |
Years to resolve contingency | 30 years |
CERC Corp | Maximum | |
Loss Contingencies [Line Items] | |
Site Contingency Loss Exposure | $ 36 |
Years to resolve contingency | 50 years |
Reportable Segments - Revenues From Major External Customers (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||
Total revenues | $ 8,352 | $ 7,418 | $ 7,564 |
Houston Electric | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 3,134 | 2,911 | 2,990 |
Affiliates of NRG | Houston Electric | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 905 | 749 | 727 |
Affiliates of Vistra Energy Corp. | Houston Electric | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 410 | $ 404 | $ 263 |
Related Party Transactions (Houston Electric and CERC) - Schedule of Money Pool Investments (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Houston Electric | Investments [Member] | ||
Related Party Transaction [Line Items] | ||
Weighted average interest rate | 0.34% | 0.24% |
CERC Corp | Investments [Member] | ||
Related Party Transaction [Line Items] | ||
Weighted average interest rate | 0.34% | 0.24% |
Accounts and notes receivable (payable) - affiliate companies | Houston Electric | ||
Related Party Transaction [Line Items] | ||
Money pool investments (borrowings) | $ (512) | $ (8) |
Accounts and notes receivable (payable) - affiliate companies | CERC Corp | ||
Related Party Transaction [Line Items] | ||
Money pool investments (borrowings) | $ (224) | $ 0 |
Related Party Transactions (Houston Electric and CERC) - Schedule of Affiliated-Related Net Interest Income (Expense) (Details) - Other Nonoperating Income (Expense) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Houston Electric | |||
Related Party Transaction [Line Items] | |||
Interest income (expense), net | $ 0 | $ 0 | $ 18 |
CERC Corp | |||
Related Party Transaction [Line Items] | |||
Interest income (expense), net | $ 0 | $ 0 | $ 4 |
Related Party Transactions (Houston Electric and CERC) - Schedule of Amounts Charged For Services (Details) - Operation And Maintenance Expense - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Houston Electric | |||
Related Party Transaction [Line Items] | |||
Net affiliate service charges (billings) | $ (7) | $ (16) | $ (8) |
CERC Corp | |||
Related Party Transaction [Line Items] | |||
Net affiliate service charges (billings) | 7 | 16 | 8 |
CenterPoint Energy | Houston Electric | |||
Related Party Transaction [Line Items] | |||
Corporate service charges | 189 | 197 | 177 |
CenterPoint Energy | CERC Corp | |||
Related Party Transaction [Line Items] | |||
Corporate service charges | $ 216 | $ 212 | $ 141 |
Related Party Transactions (Houston Electric and CERC) - Schedule of Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Houston Electric | |||
Related Party Transaction [Line Items] | |||
Cash dividends paid to parent | $ 0 | $ 551 | $ 376 |
Capital distribution | 0 | 0 | 0 |
Property, plant and equipment from parent | 0 | 36 | 0 |
Houston Electric | Discontinued Operations | |||
Related Party Transaction [Line Items] | |||
Capital distribution | 0 | 0 | 0 |
Houston Electric | Additional Paid-in-Capital | |||
Related Party Transaction [Line Items] | |||
Cash contribution from parent | 130 | 62 | 590 |
CERC Corp | |||
Related Party Transaction [Line Items] | |||
Cash dividends paid to parent | 0 | 80 | 120 |
Capital distribution | 0 | 0 | 28 |
Property, plant and equipment from parent | 0 | 23 | 0 |
CERC Corp | Discontinued Operations | |||
Related Party Transaction [Line Items] | |||
Capital distribution | 0 | 286 | 0 |
CERC Corp | Additional Paid-in-Capital | |||
Related Party Transaction [Line Items] | |||
Cash contribution from parent | $ 180 | $ 217 | $ 129 |
Subsequent Events (Details) - CERC Corp - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Feb. 11, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Subsequent Event [Line Items] | ||||
Payments of Dividends | $ 0 | $ 80 | $ 120 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Payments of Dividends | $ 720 |
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