(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
FOR THE TRANSITION PERIOD FROM __________________ TO __________________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
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 |
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. | 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. | FINANCIAL INFORMATION | ||||||||||
Item 1. | |||||||||||
CenterPoint Energy, Inc. Financial Statements (unaudited) | |||||||||||
Item 2. | |||||||||||
Consolidated Results of Operations | |||||||||||
Results of Operations by Reportable Segment | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | OTHER INFORMATION | ||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 6. | |||||||||||
GLOSSARY | ||||||||
ACE | Affordable Clean Energy | |||||||
AMA | Asset Management Agreement | |||||||
ARO | Asset retirement obligation | |||||||
ARP | Alternative revenue program | |||||||
ARPA | American Rescue Plan Act of 2021 | |||||||
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 | |||||||
AT&T | AT&T Inc. | |||||||
AT&T Common | AT&T common stock | |||||||
Bcf | Billion cubic feet | |||||||
Board | Board of Directors of CenterPoint Energy, Inc. | |||||||
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. | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CCR | Coal Combustion Residuals | |||||||
CEIP | CenterPoint Energy Intrastate Pipelines, LLC, a wholly-owned subsidiary of CERC Corp. | |||||||
CenterPoint Energy | CenterPoint Energy, Inc., and its subsidiaries | |||||||
CERC | CERC Corp., together with its subsidiaries | |||||||
CERC Corp. | CenterPoint Energy Resources Corp. | |||||||
CES | CenterPoint Energy Services, Inc. (now known as Symmetry Energy Solutions, LLC), previously a wholly-owned subsidiary of CERC Corp. | |||||||
Charter Common | Charter Communications, Inc. common stock | |||||||
CIP | Conservation Improvement Program | |||||||
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 | |||||||
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 | |||||||
CPCN | Certificate of Public Convenience and Necessity | |||||||
CPP | Clean Power Plan | |||||||
CSIA | Compliance and System Improvement Adjustment | |||||||
DCRF | Distribution Cost Recovery Factor | |||||||
DOC | U.S. Department of Commerce | |||||||
DRR | Distribution Replacement Rider | |||||||
DSMA | Demand Side Management Adjustment | |||||||
ECA | Environmental Cost Adjustment | |||||||
EDIT | Excess deferred income taxes | |||||||
EECR | Energy Efficiency Cost Recovery | |||||||
EECRF | Energy Efficiency Cost Recovery Factor | |||||||
EEFC | Energy Efficiency Funding Component | |||||||
EEFR | Energy Efficiency Funding Rider | |||||||
GLOSSARY | ||||||||
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 partner interests in Enable | |||||||
Enable GP | Enable GP, LLC, Enable’s general partner | |||||||
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 LLC, 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, LLC (f/k/a Athena Energy Services Buyer, LLC) | |||||||
ERCOT | Electric Reliability Council of Texas | |||||||
February 2021 Winter Storm Event | The extreme and unprecedented winter weather event in February 2021 (Winter Storm Uri) that resulted 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 | |||||||
Fitch | Fitch Ratings, Inc. | |||||||
Form 10-Q | Quarterly Report on Form 10-Q | |||||||
GHG | Greenhouse gases | |||||||
GRIP | Gas Reliability Infrastructure Program | |||||||
GWh | Gigawatt-hours | |||||||
Houston Electric | CenterPoint Energy Houston Electric, LLC and its subsidiaries | |||||||
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 |
GLOSSARY | ||||||||
Indiana Utilities | The combination of Indiana Electric, Indiana North and Indiana South | |||||||
Interim Condensed Financial Statements | Unaudited condensed consolidated interim financial statements and combined notes | |||||||
IRP | Integrated Resource Plan | |||||||
IRS | Internal Revenue Service | |||||||
IURC | Indiana Utility Regulatory Commission | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LPSC | Louisiana Public Service Commission | |||||||
LTIP | Long-term Incentive Plan | |||||||
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. | |||||||
Merger Agreement | Agreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub | |||||||
Merger Sub | Pacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy | |||||||
MES | 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 | |||||||
MLP | Master Limited Partnership | |||||||
Moody’s | Moody’s Investors Service, Inc. | |||||||
MPSC | Mississippi Public Service Commission | |||||||
MPUC | Minnesota Public Utilities Commission | |||||||
MW | Megawatt | |||||||
NERC | North American Electric Reliability Corporation | |||||||
NOLs | Net operating losses | |||||||
NRG | NRG Energy, Inc. | |||||||
Posey Solar | Posey Solar, LLC, a special purpose entity | |||||||
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 | |||||||
Registrants | CenterPoint Energy, Houston Electric and CERC, collectively | |||||||
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 | |||||||
S&P | S&P Global Ratings | |||||||
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 |
GLOSSARY | ||||||||
SEC | Securities and Exchange Commission | |||||||
Securities Purchase Agreement | Securities Purchase Agreement, dated as of February 3, 2020, by and among Vectren Utility Services, Inc., 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 | |||||||
Southern Col Midco | Southern Col Midco, LLC, a Delaware limited liability company and an affiliate of Summit Utilities, 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 | |||||||
Transition Services Agreement | Transition Services Agreement by and between CenterPoint Energy Service Company, LLC and Southern Col Midco | |||||||
Vectren | Vectren Corporation, a wholly-owned subsidiary of CenterPoint Energy as of February 1, 2019 | |||||||
VEDO | Vectren Energy Delivery of Ohio, Inc., a wholly-owned subsidiary of Vectren | |||||||
VIE | Variable interest entity | |||||||
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 | |||||||
WBD Common | Warner Bros. Discovery, Inc. Series A common stock | |||||||
ZENS | 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 | |||||||
ZENS-Related Securities | As of both March 31, 2022 and December 31, 2021, consisted of AT&T Common and Charter Common. As of April 8, 2022, consisted of AT&T Common, Charter Common and WBD Common | |||||||
2021 Form 10-K | Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the SEC on February 22, 2022 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||
Revenues: | ||||||||||||||
Utility revenues | $ | $ | ||||||||||||
Non-utility revenues | ||||||||||||||
Total | ||||||||||||||
Expenses: | ||||||||||||||
Utility natural gas, fuel and purchased power | ||||||||||||||
Non-utility cost of revenues, including natural gas | ||||||||||||||
Operation and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Total | ||||||||||||||
Operating Income | ||||||||||||||
Other Income (Expense): | ||||||||||||||
Loss on equity securities | ( | ( | ||||||||||||
Gain 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 from Discontinued Operations (net of tax expense of $ | ||||||||||||||
Net Income | ||||||||||||||
Income allocated to preferred shareholders | ||||||||||||||
Income Available to Common Shareholders | $ | $ | ||||||||||||
Basic earnings per common share - continuing operations | $ | $ | ||||||||||||
Basic earnings per common share - discontinued operations | ||||||||||||||
Basic Earnings Per Common Share | ||||||||||||||
Diluted earnings per common share - continuing operations | $ | $ | ||||||||||||
Diluted earnings per common share - discontinued operations | ||||||||||||||
Diluted Earnings Per Common Share | $ | $ | ||||||||||||
Weighted Average Common Shares Outstanding, Basic | ||||||||||||||
Weighted Average Common Shares Outstanding, Diluted |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Other comprehensive income: | ||||||||||||||
Adjustment to pension and other postretirement plans (net of tax of $- | ||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $- | ||||||||||||||
Other comprehensive income from unconsolidated affiliates (net of tax of $- | ||||||||||||||
Total | ||||||||||||||
Comprehensive income | ||||||||||||||
Income allocated to preferred shareholders | ||||||||||||||
Comprehensive income available to common shareholders | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(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 expenses and other current assets ($ | |||||||||||
Total current assets | |||||||||||
Property, Plant and Equipment: | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation and amortization | |||||||||||
Property, plant and equipment, net | |||||||||||
Other Assets: | |||||||||||
Goodwill | |||||||||||
Regulatory assets ($ | |||||||||||
Non-trading derivative assets | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(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 current liabilities | |||||||||||
Total current liabilities | |||||||||||
Other Liabilities: | |||||||||||
Deferred income taxes, net | |||||||||||
Non-trading derivative liabilities | |||||||||||
Benefit obligations | |||||||||||
Regulatory liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Total other liabilities | |||||||||||
Long-term Debt: | |||||||||||
VIE Securitization Bonds, net | |||||||||||
Other long-term debt, net | |||||||||||
Total long-term debt, net | |||||||||||
Commitments and Contingencies (Note 13) | |||||||||||
Temporary Equity (Note 18) | |||||||||||
Shareholders’ Equity: | |||||||||||
Cumulative preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(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 | |||||||||||
Gain on divestitures | ( | ||||||||||
Loss on equity securities | |||||||||||
Gain on indexed debt securities | ( | ( | |||||||||
Equity in (earnings) losses of unconsolidated affiliates | ( | ||||||||||
Distributions from unconsolidated affiliates | |||||||||||
Pension contributions | ( | ( | |||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues, net | ( | ||||||||||
Inventory | |||||||||||
Taxes receivable | |||||||||||
Accounts payable | ( | ( | |||||||||
Net regulatory assets and liabilities | ( | ||||||||||
Other current assets and liabilities | ( | ||||||||||
Other non-current assets and liabilities | ( | ||||||||||
Other operating activities, net | |||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from sale of marketable securities | |||||||||||
Proceeds from divestitures | |||||||||||
Other investing activities, net | ( | ||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Decrease in short-term borrowings, net | ( | ||||||||||
Payment of obligation for finance lease | ( | ||||||||||
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 | ( | ( | |||||||||
Other financing activities, net | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||
(in millions of dollars and shares, except authorized shares and par value amounts) | |||||||||||||||||||||||
Cumulative Preferred Stock, $ | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | |||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Common Stock, $ | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Issuances related to benefit and investment plans | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Issuances related to benefit and investment plans | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | |||||||||||||||||||||||
Balance, beginning of period | ( | ||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Balance, end of period | ( | ||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance, beginning of period | ( | ( | |||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Balance, end of period | ( | ( | |||||||||||||||||||||
Total Shareholders’ Equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(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 | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Net income | $ | $ | ||||||||||||
Comprehensive income | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents ($ | $ | $ | |||||||||
Accounts and notes receivable ($ | |||||||||||
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: | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation and amortization | |||||||||||
Property, plant and equipment, net | |||||||||||
Other Assets: | |||||||||||
Regulatory assets ($ | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(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: | |||||||||||
VIE Securitization Bonds, net | |||||||||||
Other long-term debt, net | |||||||||||
Total long-term debt, net | |||||||||||
Commitments and Contingencies (Note 13) | |||||||||||
Member’s Equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total member’s equity | |||||||||||
Total Liabilities and Member’s Equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(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 | ( | ||||||||||
Net regulatory assets and liabilities | ( | ( | |||||||||
Other current assets and liabilities | ( | ( | |||||||||
Other non-current assets and liabilities | ( | ||||||||||
Other operating activities, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
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 | ( | ( | |||||||||
Decrease in notes payable–affiliated companies | ( | ( | |||||||||
Dividend to parent | ( | ||||||||||
Contribution from parent | |||||||||||
Payment of debt issuance costs | ( | ( | |||||||||
Payment of obligation for finance lease | ( | ||||||||||
Other, net | |||||||||||
Net cash provided by financing activities | |||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | |||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Contribution from parent | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Dividend to parent | ( | ||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Total Member’s Equity | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Revenues: | ||||||||||||||
Utility revenues | $ | $ | ||||||||||||
Non-utility revenues | ||||||||||||||
Total | ||||||||||||||
Expenses: | ||||||||||||||
Utility natural gas | ||||||||||||||
Non-utility cost of revenues, including natural gas | ||||||||||||||
Operation and maintenance | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Taxes other than income taxes | ||||||||||||||
Total | ||||||||||||||
Operating Income | ||||||||||||||
Other Income (Expense): | ||||||||||||||
Gain on sale | ||||||||||||||
Interest expense and other finance charges | ( | ( | ||||||||||||
Other expense, net | ( | |||||||||||||
Total | ( | |||||||||||||
Income Before Income Taxes | ||||||||||||||
Income tax expense | ||||||||||||||
Net Income | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Net income | $ | $ | ||||||||||||
Comprehensive income | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance for credit losses of $ | |||||||||||
Accrued unbilled revenues, less allowance for credit losses of $ | |||||||||||
Accounts and notes receivable–affiliated companies | |||||||||||
Materials 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: | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation and amortization | |||||||||||
Property, plant and equipment, net | |||||||||||
Other Assets: | |||||||||||
Goodwill | |||||||||||
Regulatory assets | |||||||||||
Other non-current assets | |||||||||||
Total other assets | |||||||||||
Total Assets | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Current portion of long-term debt | |||||||||||
Accounts payable | |||||||||||
Accounts 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 13) | |||||||||||
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 | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(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 | |||||||||||
Gain on divestitures | ( | ||||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues, net | ( | ( | |||||||||
Accounts receivable/payable–affiliated companies | ( | ||||||||||
Inventory | |||||||||||
Accounts payable | ( | ( | |||||||||
Net regulatory assets and liabilities | ( | ||||||||||
Other current assets and liabilities | ( | ||||||||||
Other non-current assets and liabilities | ( | ( | |||||||||
Other operating activities, net | |||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from divestiture | |||||||||||
Other investing activities, net | ( | ||||||||||
Net cash provided by (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 | ( | ||||||||||
Dividends to parent | ( | ||||||||||
Payment of debt issuance costs | ( | ||||||||||
Decrease in notes payable–affiliated companies | ( | ||||||||||
Other financing activities, net | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | |||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Additional Paid-in-Capital | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Contribution from parent | |||||||||||||||||||||||
Contribution to parent for sale of Arkansas and Oklahoma Natural Gas businesses | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Dividend to parent | ( | ||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Total Stockholder’s Equity | $ | $ |
Recently Adopted Accounting Standards | ||||||||||||||||||||
ASU Number and Name | Description | Date of Adoption | Financial Statement Impact upon Adoption | |||||||||||||||||
ASU 2021-10: Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance | This standard requires additional disclosure requirements when a business receives government assistance and uses a grant or contribution accounting model by analogy to other accounting guidance such as the grant model under International Accounting Standards (IAS) 20 Accounting for Government Grants and Disclosures of Government Assistance and GAAP ASC 958-605 Not for Profit. Transition method: Prospective or retrospective | January 1, 2022 | Adoption of this standard may result in additional disclosures related to the recovery of Texas natural gas costs associated with the February 2021 Winter Storm Event through the state securitization, which is expected to be accounted for as a government grant by analogy to IAS 20. The adoption of this standard did not have a material impact on the Registrants’ financial position, results of operations or cash flows. |
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 (1) | ||||||||||||||
Regulatory assets | ||||||||||||||
Other | ||||||||||||||
Total current assets held for sale | $ | $ | ||||||||||||
Short term borrowings (2) | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Taxes accrued | ||||||||||||||
Customer deposits | ||||||||||||||
Regulatory liabilities | ||||||||||||||
Other | ||||||||||||||
Total current liabilities held for sale | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 (1) | 2021 | ||||||||||
(in millions) | |||||||||||
Income from Continuing Operations Before Income Taxes | $ | $ | |||||||||
Three Months Ended March 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 | $ |
Three Months Ended March 31, 2021 | ||||||||
CenterPoint Energy | ||||||||
Equity Method Investment in Enable | ||||||||
(in millions) | ||||||||
Equity in earnings of unconsolidated affiliate - operating | $ | ( | ||||||
Distributions from unconsolidated affiliate - operating | ||||||||
Three Months Ended March 31, | |||||||||||
2021 | |||||||||||
Per Unit | Cash Distribution | ||||||||||
(in millions, except per unit amounts) | |||||||||||
Enable Common Units | $ | $ | |||||||||
Enable Series A Preferred Units | |||||||||||
Total CenterPoint Energy | $ |
Three Months Ended March 31, 2021 | |||||
(in millions) | |||||
Natural gas expenses, includes transportation and storage costs | $ |
December 2, | ||||||||
2021 | ||||||||
(in millions) | ||||||||
Current assets | $ | |||||||
Non-current assets | ||||||||
Current liabilities | ||||||||
Non-current liabilities | ||||||||
Non-controlling interest | ||||||||
Preferred equity | ||||||||
Accumulated other comprehensive loss | ( | |||||||
Enable partners’ equity | ||||||||
Reconciliation of Investment in Enable: | ||||||||
CenterPoint Energy’s ownership interest in Enable partners’ equity | $ | |||||||
CenterPoint Energy’s basis difference | ( | |||||||
CenterPoint Energy’s equity method investment in Enable | $ |
Three Months Ended March 31, 2021 | |||||
(in millions) | |||||
Operating revenues | $ | ||||
Cost of sales, excluding depreciation and amortization | |||||
Depreciation and amortization | |||||
Operating income | |||||
Net income attributable to Enable Common Units | |||||
Reconciliation of Equity in Earnings, net: | |||||
CenterPoint Energy’s interest | $ | ||||
Basis difference amortization (1) | |||||
CenterPoint Energy’s equity in earnings, net (2) | $ |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
Electric | Natural Gas | Corporate and Other | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Other (1) | ( | ( | ( | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
Electric | Natural Gas | Corporate and Other | Total | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Other (1) | ( | |||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Revenue from contracts | $ | $ | ||||||||||||
Other (1) | ( | ( | ||||||||||||
Total revenues | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(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, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Closing balance as of March 31, 2022 | |||||||||||||||||||||||
Increase (decrease) | $ | $ | ( | $ | $ |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Liabilities | |||||||||||||||
(in millions) | |||||||||||||||||
Opening balance as of December 31, 2021 | $ | $ | $ | ||||||||||||||
Closing balance as of March 31, 2022 | |||||||||||||||||
Increase (decrease) | $ | $ | ( | $ |
Accounts Receivable | Other Accrued Unbilled Revenues | ||||||||||
(in millions) | |||||||||||
Opening balance as of December 31, 2021 | $ | $ | |||||||||
Closing balance as of March 31, 2022 | |||||||||||
Increase (decrease) | $ | $ | ( |
Rolling 12 Months | Thereafter | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue expected to be recognized on contracts in place as of March 31, 2022: | |||||||||||||||||
Corporate and Other | $ | $ | $ | ||||||||||||||
$ | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(in millions) | |||||||||||
Service cost (1) | $ | $ | |||||||||
Interest cost (2) | |||||||||||
Expected return on plan assets (2) | ( | ( | |||||||||
Amortization of net loss (2) | |||||||||||
Net periodic cost | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
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) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of net loss (2) | ( | ( | |||||||||||||||||||||||||||||||||
Net periodic cost (benefit) | $ | $ | ( | $ | $ | $ | ( | $ |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Expected minimum contribution to pension plans during 2022 | $ | $ | $ | ||||||||||||||
Expected contribution to postretirement benefit plans in 2022 |
Three Months Ended March 31, 2022 | |||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Pension plans | $ | $ | $ | ||||||||||||||
Postretirement benefit plans |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy (1) | Houston Electric (2) | CERC (3) | CenterPoint Energy (1) | Houston Electric (2) | CERC (3) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Allowed equity return not recognized | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Allowed equity return recognized | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Hedging Classification | Notional Principal | |||||||||||||
(in millions) | ||||||||||||||
Economic hedge (1) | $ | $ | ||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Balance Sheet Location | Derivative Assets Fair Value | Derivative Liabilities Fair Value | Derivative Assets Fair Value | Derivative Liabilities Fair Value | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | (in millions) | ||||||||||||||||||||||||||||
Natural gas derivatives (1) | Current Assets: Non-trading derivative assets | $ | $ | $ | $ | ||||||||||||||||||||||||
Natural gas derivatives (1) | Other Assets: Non-trading derivative assets | ||||||||||||||||||||||||||||
Interest rate derivatives | Current Liabilities: Non-trading derivative liabilities | ||||||||||||||||||||||||||||
Interest rate derivatives | Other Liabilities: Non-trading derivative liabilities | ||||||||||||||||||||||||||||
Indexed debt securities derivative (2) | Current Liabilities | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||
Income Statement Location | 2022 | 2021 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | (in millions) | |||||||||||||||||||
Indexed debt securities derivative (1) | Gain on indexed debt securities | $ | $ | |||||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(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) |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
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 |
December 31, 2021 | March 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Electric (1) | $ | $ | ||||||||||||
Natural Gas (2) | ||||||||||||||
Corporate and Other | ||||||||||||||
Total | $ | $ |
December 31, 2021 | March 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Goodwill (2) | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Balance | Gross Carrying Amount | Accumulated Amortization | Net Balance | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||||||||||||||
Operation and maintenance agreements (1) | ( | ( | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Amortization expense of intangible assets recorded in Depreciation and amortization | $ | $ | ||||||||||||
Amortization Expense | |||||
(in millions) | |||||
Remaining nine months of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 |
Equity Security/Date Sold | Units Sold | Proceeds (1) | ||||||||||||
(in millions) | ||||||||||||||
Energy Transfer Common Units | ||||||||||||||
February and March 2022 | $ | |||||||||||||
Energy Transfer Series G Preferred Units | ||||||||||||||
March 2022 | $ | |||||||||||||
Gains (Losses) on Equity Securities | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
AT&T Common | $ | ( | $ | |||||||||||
Charter Common | ( | ( | ||||||||||||
Energy Transfer Common Units | ||||||||||||||
Energy Transfer Series G Preferred Units | ( | |||||||||||||
$ | ( | $ | ( | |||||||||||
Shares Held | Carrying Value | |||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
AT&T Common | $ | $ | ||||||||||||||||||||||||
Charter Common | ||||||||||||||||||||||||||
Energy Transfer Common Units | ||||||||||||||||||||||||||
Energy Transfer Series G Preferred Units | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
$ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
(in shares) | |||||||||||
AT&T Common | |||||||||||
Charter Common | |||||||||||
Registrant | Issuance Date | Debt Instrument | Aggregate Principal Amount | Interest Rate | Maturity Date | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Houston Electric | February 2022 | General Mortgage Bonds | $ | 2032 | ||||||||||||||||||||||||||||
Houston Electric | February 2022 | General Mortgage Bonds | 2052 | |||||||||||||||||||||||||||||
Total Houston Electric (1) | ||||||||||||||||||||||||||||||||
Total CenterPoint Energy | $ |
Registrant | Repayment/Redemption Date | Debt Instrument | Aggregate Principal | Interest Rate | Maturity Date | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
CERC (1) | January 2022 | Floating Rate Senior Notes | $ | Three-month LIBOR plus | 2023 | |||||||||||||||||||||||||||
Total CERC | ||||||||||||||||||||||||||||||||
CenterPoint Energy (2) | January 2022 | First Mortgage Bonds | 2022 | |||||||||||||||||||||||||||||
CenterPoint Energy (3) | March 2022 | Senior Notes | 2024 | |||||||||||||||||||||||||||||
CenterPoint Energy (4) | March 2022 | Senior Notes | 2028 | |||||||||||||||||||||||||||||
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 March 31, 2022 (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 | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Registrant | Loans | Letters of Credit | Commercial Paper (1) | Weighted Average Interest Rate | Loans | Letters of Credit | Commercial Paper (1) | Weighted Average Interest Rate | ||||||||||||||||||||||||||||||||||||||||||
(in millions, except weighted average interest rate) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | $ | $ | $ | % | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||
CenterPoint Energy (2) | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Houston Electric | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
CERC | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
CenterPoint Energy - Continuing operations (1) | % | % | ||||||||||||
CenterPoint Energy - Discontinued operations | % | % | ||||||||||||
Houston Electric (2) | % | % | ||||||||||||
CERC (3) | % | % | ||||||||||||
CenterPoint Energy | CERC | ||||||||||||||||
Natural Gas and Coal Supply | Other (1) | Natural Gas Supply | |||||||||||||||
(in millions) | |||||||||||||||||
Remaining nine months of 2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 and beyond |
March 31, 2022 | |||||||||||
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 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(in millions, except per share and share amounts) | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | $ | |||||||||
Less: Preferred stock dividend requirement (Note 18) | |||||||||||
Less: Undistributed earnings allocated to preferred shareholders (1) | |||||||||||
Income available to common shareholders from continuing operations - basic | |||||||||||
Add back: Series B Preferred Stock dividend | |||||||||||
Add back: Undistributed earnings allocated to preferred shareholders (1) | |||||||||||
Income available to common shareholders from continuing operations - diluted | |||||||||||
Income available to common shareholders from discontinued operations - basic and diluted | |||||||||||
Income available to common shareholders - basic and diluted | $ | $ | |||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic | |||||||||||
Plus: Incremental shares from assumed conversions: | |||||||||||
Restricted stock | |||||||||||
Series B Preferred Stock | |||||||||||
Series C Preferred Stock | |||||||||||
Weighted average common shares outstanding - diluted | |||||||||||
Earnings Per Common Share: | |||||||||||
Basic earnings per common share - continuing operations | $ | $ | |||||||||
Basic earnings per common share - discontinued operations | |||||||||||
Basic Earnings Per Common Share | $ | $ | |||||||||
Diluted earnings per common share - continuing operations | $ | $ | |||||||||
Diluted earnings per common share - discontinued operations | |||||||||||
Diluted Earnings Per Common Share | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Revenues from External Customers | Net Income | Revenues from External Customers | Net Income (Loss) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Electric | $ | (1) | $ | $ | (1) | $ | |||||||||||||||||
Natural Gas | |||||||||||||||||||||||
Corporate and Other | ( | ||||||||||||||||||||||
Continuing Operations | $ | $ | |||||||||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||
Consolidated | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Affiliates of NRG | $ | $ | ||||||||||||
Affiliates of Vistra Energy Corp. |
Total Assets | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(in millions) | |||||||||||
Electric | $ | $ | |||||||||
Natural Gas | |||||||||||
Corporate and Other, net of eliminations (1) | |||||||||||
Continuing Operations | |||||||||||
Assets Held for Sale | |||||||||||
Consolidated | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash Payments/Receipts: | |||||||||||||||||||||||||||||||||||
Interest, net of capitalized interest | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Income tax refunds, net | ( | ( | |||||||||||||||||||||||||||||||||
Non-cash transactions: | |||||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures | |||||||||||||||||||||||||||||||||||
ROU assets obtained in exchange for lease liabilities (1) | |||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
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 Condensed Statements of Consolidated Cash Flows | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||||
(in millions, except interest rates) | |||||||||||||||||||||||
Money pool investments (borrowings) (1) | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Weighted average interest rate | % | % | % | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Corporate service charges | $ | $ | $ | $ | ||||||||||||||||||||||
Net affiliate service charges (billings) | ( | ( |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Cash dividends paid to parent | $ | $ | $ | $ | ||||||||||||||||||||||
Cash dividend paid to parent related to the sale of the Arkansas and Oklahoma Natural Gas businesses | ||||||||||||||||||||||||||
Cash contribution from parent | ||||||||||||||||||||||||||
Non-cash capital contribution from parent in payment for property, plant and equipment below | ||||||||||||||||||||||||||
Payable to parent for property, plant and equipment below | ||||||||||||||||||||||||||
Property, plant and equipment from parent (1) |
Dividends Paid Per Share | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Common Stock | $ | $ | |||||||||||||||
Series A Preferred Stock | |||||||||||||||||
Series B Preferred Stock | |||||||||||||||||
Series C Preferred Stock (1) |
Liquidation Preference Per Share | Shares Outstanding as of | Outstanding Value as of | ||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
(in millions, except shares and per share amounts) | ||||||||||||||||||||||||||||||||
Series A Preferred Stock | $ | $ | $ | |||||||||||||||||||||||||||||
$ | $ |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in millions) | ||||||||||||||
Series A Preferred Stock | $ | $ | ||||||||||||
Series B Preferred Stock | ||||||||||||||
Total income allocated to preferred shareholders | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Other comprehensive loss before reclassifications: | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates | |||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Actuarial losses (1) | |||||||||||||||||||||||||||||||||||
Reclassification of deferred loss from cash flow hedges realized in net income | |||||||||||||||||||||||||||||||||||
Net current period other comprehensive income | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | ( | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||||||||||||||
Variable lease cost | ( | ( | |||||||||||||||||||||||||||||||||
Total lease cost (1) | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Operating lease income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Variable lease income | |||||||||||||||||||||||||||||||||||
Total lease income | $ | $ | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||
Remainder of 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) | |||||||||||||||||
Remainder of 2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 and beyond | |||||||||||||||||
Total lease payments to be received | $ | $ | $ |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | 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 | |||||||||||||||||||||||||||||||||||
Equity Instrument | Declaration Date | Record Date | Payment Date | Per Share | ||||||||||||||||||||||
Common Stock | April 22, 2022 | May 19, 2022 | June 9, 2022 | $ | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | Favorable (Unfavorable) | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Electric | $ | 82 | $ | 75 | $ | 7 | |||||||||||||||||
Natural Gas | 398 | 229 | 169 | ||||||||||||||||||||
Total Utility Operations | 480 | 304 | 176 | ||||||||||||||||||||
Corporate & Other (1) | 38 | (53) | 91 | ||||||||||||||||||||
Discontinued Operations | — | 83 | (83) | ||||||||||||||||||||
Total CenterPoint Energy | $ | 518 | $ | 334 | $ | 184 |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | Favorable (Unfavorable) | ||||||||||||||||||
(in millions, except operating statistics) | ||||||||||||||||||||
Revenues | $ | 893 | $ | 830 | $ | 63 | ||||||||||||||
Cost of revenues (1) | 41 | 45 | 4 | |||||||||||||||||
Revenues less Cost of revenues | 852 | 785 | 67 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Operation and maintenance | 437 | 411 | (26) | |||||||||||||||||
Depreciation and amortization | 192 | 174 | (18) | |||||||||||||||||
Taxes other than income taxes | 68 | 67 | (1) | |||||||||||||||||
Total expenses | 697 | 652 | (45) | |||||||||||||||||
Operating Income | 155 | 133 | 22 | |||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Interest expense and other finance charges | (57) | (56) | (1) | |||||||||||||||||
Other income, net | 5 | 7 | (2) | |||||||||||||||||
Income Before Income Taxes | 103 | 84 | 19 | |||||||||||||||||
Income tax expense | 21 | 9 | (12) | |||||||||||||||||
Net Income | $ | 82 | $ | 75 | $ | 7 | ||||||||||||||
Throughput (in GWh): | ||||||||||||||||||||
Residential | 6,346 | 6,070 | 5 | % | ||||||||||||||||
Total | 23,155 | 21,241 | 9 | % | ||||||||||||||||
Weather (percentage of 10-year average for service area): | ||||||||||||||||||||
Cooling degree days | 62 | % | 109 | % | (47) | % | ||||||||||||||
Heating degree days | 129 | % | 95 | % | 34 | % | ||||||||||||||
Number of metered customers at end of period: | ||||||||||||||||||||
Residential | 2,502,253 | 2,448,439 | 2 | % | ||||||||||||||||
Total | 2,824,100 | 2,765,496 | 2 | % |
Favorable (Unfavorable) | ||||||||
(in millions) | ||||||||
Revenues less Cost of revenues | ||||||||
Transmission Revenues, including TCOS and TCRF, inclusive of costs billed by transmission providers, partially offset in operation and maintenance | $ | 29 | ||||||
Bond Companies, offset in other line items | 9 | |||||||
Refund of protected and unprotected EDIT, offset in income tax expense | 8 | |||||||
Weather, efficiency improvements and other usage impacts | 8 | |||||||
Customer growth | 6 | |||||||
Customer rates | 4 | |||||||
Bond Companies equity return, related to the annual true-up of transition charges for amounts over or under collected in prior periods | 2 | |||||||
Miscellaneous revenues | 2 | |||||||
Impacts from increased peak demand in 2021, collected in rates in 2022 | 1 | |||||||
Energy efficiency and pass-through offset in operation and maintenance | (2) | |||||||
Total | $ | 67 | ||||||
Operation and maintenance | ||||||||
Transmission costs billed by transmission providers, offset in revenues less cost of revenues | $ | (22) | ||||||
Contract services | (7) | |||||||
All other operation and maintenance expense, including materials and supplies and insurance | (5) | |||||||
Bond Companies, offset in other line items | 1 | |||||||
Energy efficiency and pass-through offset in revenues | 3 | |||||||
Support services | 4 | |||||||
Total | $ | (26) | ||||||
Depreciation and amortization | ||||||||
Bond Companies, offset in other line items | $ | (12) | ||||||
Ongoing additions to plant-in-service | (6) | |||||||
Total | $ | (18) | ||||||
Taxes other than income taxes | ||||||||
Franchise fees and other taxes | $ | 2 | ||||||
Incremental capital projects placed in service | (3) | |||||||
Total | $ | (1) | ||||||
Interest expense and other finance charges | ||||||||
Bond Companies, offset in other line items | $ | 2 | ||||||
Incremental borrowings to fund capital expenditures | (3) | |||||||
Total | $ | (1) | ||||||
Other income, net | ||||||||
Other non-operating income | $ | (2) | ||||||
Total | $ | (2) | ||||||
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | Favorable (Unfavorable) | ||||||||||||||||||
(in millions, except operating statistics) | ||||||||||||||||||||
Revenues | $ | 1,824 | $ | 1,663 | $ | 161 | ||||||||||||||
Cost of revenues (1) | 1,058 | 893 | (165) | |||||||||||||||||
Revenues less Cost of revenues | 766 | 770 | (4) | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Operation and maintenance | 246 | 250 | 4 | |||||||||||||||||
Depreciation and amortization | 112 | 128 | 16 | |||||||||||||||||
Taxes other than income taxes | 77 | 74 | (3) | |||||||||||||||||
Total expenses | 435 | 452 | 17 | |||||||||||||||||
Operating Income | 331 | 318 | 13 | |||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Gain on sale | 303 | — | 303 | |||||||||||||||||
Interest expense and other finance charges | (30) | (33) | 3 | |||||||||||||||||
Income Before Income Taxes | 604 | 285 | 319 | |||||||||||||||||
Income tax expense | 206 | 56 | (150) | |||||||||||||||||
Net Income | $ | 398 | $ | 229 | $ | 169 | ||||||||||||||
Throughput (in Bcf): | ||||||||||||||||||||
Residential | 123 | 128 | (4) | % | ||||||||||||||||
Commercial and Industrial | 137 | 145 | (6) | % | ||||||||||||||||
Total | 260 | 273 | (5) | % | ||||||||||||||||
Weather (percentage of 10-year average for service area): | ||||||||||||||||||||
Heating degree days | 109 | % | 103 | % | 6 | % | ||||||||||||||
Number of metered customers at end of period: | ||||||||||||||||||||
Residential | 3,926,192 | 4,343,863 | (10) | % | ||||||||||||||||
Commercial and Industrial | 297,270 | 351,363 | (15) | % | ||||||||||||||||
Total | 4,223,462 | 4,695,226 | (10) | % |
Favorable (Unfavorable) | ||||||||
(in millions) | ||||||||
Revenues less Cost of revenues | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | (86) | ||||||
Energy efficiency, offset in operation and maintenance | (2) | |||||||
Customer growth | 4 | |||||||
Refund of protected and unprotected EDIT, offset in income tax expense | 4 | |||||||
Gross receipts tax, offset in taxes other than income taxes | 9 | |||||||
Weather and usage | 9 | |||||||
Non-volumetric and miscellaneous revenue | 14 | |||||||
Customer rates and impact of the change in rate design, exclusive of the TCJA impact | 44 | |||||||
Total | $ | (4) | ||||||
Operation and maintenance | ||||||||
Other operating and maintenance expense, including materials and supplies and insurance | $ | (21) | ||||||
Labor and benefits | (6) | |||||||
Contract services | (1) | |||||||
Energy efficiency, offset in revenues less cost of revenues | 2 | |||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | 30 | |||||||
Total | $ | 4 | ||||||
Depreciation and amortization | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | 15 | ||||||
Indiana lower depreciation rates from recent rate order | 5 | |||||||
Incremental capital projects placed in service | (4) | |||||||
Total | $ | 16 | ||||||
Taxes other than income taxes | ||||||||
Gross receipts tax, offset in revenues less cost of revenues | $ | (9) | ||||||
Incremental capital projects placed in service | (1) | |||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | 7 | |||||||
Total | $ | (3) | ||||||
Gain on Sale | ||||||||
Net gain on sale of Arkansas and Oklahoma Natural Gas businesses | $ | 303 | ||||||
Total | $ | 303 | ||||||
Interest expense and other finance charges | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | 3 | ||||||
Total | $ | 3 | ||||||
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | Favorable (Unfavorable) | ||||||||||||||||||
(in millions, except operating statistics) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
TDU | $ | 693 | $ | 640 | $ | 53 | ||||||||||||||
Bond Companies | 53 | 44 | 9 | |||||||||||||||||
Total revenues | 746 | 684 | 62 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Operation and maintenance, excluding Bond Companies | 394 | 371 | (23) | |||||||||||||||||
Depreciation and amortization, excluding Bond Companies | 114 | 105 | (9) | |||||||||||||||||
Taxes other than income taxes | 63 | 63 | — | |||||||||||||||||
Bond Companies | 49 | 38 | (11) | |||||||||||||||||
Total expenses | 620 | 577 | (43) | |||||||||||||||||
Operating Income | 126 | 107 | 19 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||
Interest expense and other finance charges | (48) | (45) | (3) | |||||||||||||||||
Interest expense on Securitization Bonds | (4) | (6) | 2 | |||||||||||||||||
Other income, net | 4 | 5 | (1) | |||||||||||||||||
Income Before Income Taxes | 78 | 61 | 17 | |||||||||||||||||
Income tax expense | 17 | 8 | (9) | |||||||||||||||||
Net Income | $ | 61 | $ | 53 | $ | 8 | ||||||||||||||
Throughput (in GWh): | ||||||||||||||||||||
Residential | 5,988 | 5,701 | 5 | % | ||||||||||||||||
Total | 21,934 | 19,739 | 11 | % | ||||||||||||||||
Weather (percentage of 10-year average for service area): | ||||||||||||||||||||
Cooling degree days | 62 | % | 112 | % | (50) | % | ||||||||||||||
Heating degree days | 129 | % | 104 | % | 25 | % | ||||||||||||||
Number of metered customers at end of period: | ||||||||||||||||||||
Residential | 2,370,818 | 2,318,030 | 2 | % | ||||||||||||||||
Total | 2,673,393 | 2,615,917 | 2 | % |
Favorable (Unfavorable) | ||||||||
(in millions) | ||||||||
Revenues | ||||||||
Transmission Revenues, including TCOS and TCRF, inclusive of costs billed by transmission providers | $ | 29 | ||||||
Bond Companies, offset in other line items | 9 | |||||||
Refund of protected and unprotected EDIT, offset in income tax expense | 8 | |||||||
Weather impacts and other usage | 8 | |||||||
Customer growth | 6 | |||||||
Equity return, related to the annual true-up of transition charges for amounts over or under collected in prior periods | 2 | |||||||
Impacts from increased peak demand in 2021, collected in rates in 2022 | 1 | |||||||
Miscellaneous revenues, primarily related to right-of-way revenues, and service connections | 1 | |||||||
Energy efficiency, offset in operation and maintenance | (2) | |||||||
Total | $ | 62 | ||||||
Operation and maintenance, excluding Bond Companies | ||||||||
Transmission costs billed by transmission providers, offset in revenues | $ | (22) | ||||||
Contract services | (5) | |||||||
Other operation and maintenance expense | (3) | |||||||
Labor and benefits | 1 | |||||||
Energy efficiency, offset in revenues | 2 | |||||||
Support services | 4 | |||||||
Total | $ | (23) | ||||||
Depreciation and amortization, excluding Bond Companies | ||||||||
Ongoing additions to plant-in-service | $ | (9) | ||||||
Total | $ | (9) | ||||||
Taxes other than income taxes | ||||||||
Franchise fees and other taxes | $ | 3 | ||||||
Incremental capital projects placed in service | (3) | |||||||
Total | $ | — | ||||||
Bond Companies expense | ||||||||
Operations and maintenance and depreciation expense, offset in other line items | $ | (11) | ||||||
$ | (11) | |||||||
Interest expense and other finance charges | ||||||||
Incremental borrowings to fund capital expenditures | $ | (3) | ||||||
Total | $ | (3) | ||||||
Interest expense on Securitization Bonds | ||||||||
Lower outstanding principal balance, offset in other line items | $ | 2 | ||||||
Total | $ | 2 | ||||||
Other income, net | ||||||||
Other non-operating income | $ | (1) | ||||||
Total | $ | (1) | ||||||
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | Favorable (Unfavorable) | ||||||||||||||||||
(in millions, except operating statistics) | ||||||||||||||||||||
Revenues | $ | 1,385 | $ | 1,177 | $ | 208 | ||||||||||||||
Cost of revenues (1) | 858 | 625 | (233) | |||||||||||||||||
Revenues less Cost of revenues | 527 | 552 | (25) | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Operation and maintenance | 187 | 198 | 11 | |||||||||||||||||
Depreciation and amortization | 72 | 80 | 8 | |||||||||||||||||
Taxes other than income taxes | 56 | 56 | — | |||||||||||||||||
Total expenses | 315 | 334 | 19 | |||||||||||||||||
Operating Income | 212 | 218 | (6) | |||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Gain on sale | 557 | — | 557 | |||||||||||||||||
Interest expense and other finance charges | (21) | (24) | 3 | |||||||||||||||||
Other expense, net | — | (1) | 1 | |||||||||||||||||
Income Before Income Taxes | 748 | 193 | 555 | |||||||||||||||||
Income tax expense | 194 | 42 | (152) | |||||||||||||||||
Net Income | $ | 554 | $ | 151 | $ | 403 | ||||||||||||||
Throughput (in Bcf): | ||||||||||||||||||||
Residential | 86 | 93 | (8) | % | ||||||||||||||||
Commercial and Industrial | 78 | 87 | (10) | % | ||||||||||||||||
Total | 164 | 180 | (9) | % | ||||||||||||||||
Weather (percentage of 10-year average for service area): | ||||||||||||||||||||
Heating degree days | 117 | % | 102 | % | 15 | % | ||||||||||||||
Number of metered customers at end of period: | ||||||||||||||||||||
Residential | 2,934,085 | 3,362,902 | (13) | % | ||||||||||||||||
Commercial and Industrial | 207,348 | 261,944 | (21) | % | ||||||||||||||||
Total | 3,141,433 | 3,624,846 | (13) | % |
Favorable (Unfavorable) | ||||||||
(in millions) | ||||||||
Revenues less Cost of revenues | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | (86) | ||||||
Customer growth | 3 | |||||||
Refund of protected and unprotected EDIT, offset in income tax expense | 4 | |||||||
Energy efficiency, offset in operation and maintenance | 5 | |||||||
Gross receipts tax, offset in taxes other than income taxes | 6 | |||||||
Weather and usage | 7 | |||||||
Non-volumetric and miscellaneous revenue | 13 | |||||||
Customer rates and impact of the change in rate design, exclusive of the TCJA impact | 23 | |||||||
Total | $ | (25) | ||||||
Operation and maintenance | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | 30 | ||||||
Labor and benefits | (1) | |||||||
Energy efficiency, offset in revenues less cost of revenues | (5) | |||||||
Other operating and maintenance expense, including materials and supplies and insurance | (13) | |||||||
Total | $ | 11 | ||||||
Depreciation and amortization | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | 15 | ||||||
Incremental capital projects placed in service | (7) | |||||||
Total | $ | 8 | ||||||
Taxes other than income taxes | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | 7 | ||||||
Incremental capital projects placed in service | (1) | |||||||
Gross receipts tax, offset in revenues less cost of revenues | (6) | |||||||
Total | $ | — | ||||||
Gain on Sale | ||||||||
Net gain on sale of Arkansas and Oklahoma Natural Gas businesses | $ | 557 | ||||||
Total | $ | 557 | ||||||
Interest expense and other finance charges | ||||||||
Nine days in 2022 versus three months in 2021 for Arkansas and Oklahoma Natural Gas businesses due to sale | $ | 3 | ||||||
Total | $ | 3 | ||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in): | |||||||||||||||||||||||||||||||||||
Operating activities | $ | 580 | $ | 73 | $ | 347 | $ | (1,681) | $ | 47 | $ | (1,787) | |||||||||||||||||||||||
Investing activities | 1,934 | (848) | 1,860 | (604) | (982) | (131) | |||||||||||||||||||||||||||||
Financing activities | (2,621) | 664 | (2,211) | 2,285 | 940 | 1,918 |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Changes in net income after adjusting for non-cash items | $ | (248) | $ | 43 | $ | (7) | |||||||||||
Changes in working capital | (26) | 3 | (56) | ||||||||||||||
Change in net regulatory assets and liabilities (1) | 2,432 | (12) | 2,190 | ||||||||||||||
Change in equity in earnings of unconsolidated affiliates (2) | 108 | — | — | ||||||||||||||
Change in distributions from unconsolidated affiliates (2) | (39) | — | — | ||||||||||||||
Lower pension contribution | 6 | — | — | ||||||||||||||
Other | 28 | (8) | 7 | ||||||||||||||
$ | 2,261 | $ | 26 | $ | 2,134 | ||||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Proceeds from the sale of equity securities | $ | 702 | $ | — | $ | — | |||||||||||
Capital expenditures | (252) | (177) | (64) | ||||||||||||||
Net change in notes receivable from affiliated companies | — | 311 | — | ||||||||||||||
Proceeds from divestitures | 2,060 | — | 2,060 | ||||||||||||||
Other | 28 | — | (5) | ||||||||||||||
$ | 2,538 | $ | 134 | $ | 1,991 |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Net changes in commercial paper outstanding | $ | (1,979) | $ | — | $ | (1,002) | |||||||||||
Net changes in long-term debt outstanding, excluding commercial paper | (2,728) | (204) | (2,124) | ||||||||||||||
Net changes in debt issuance costs | 12 | 2 | 6 | ||||||||||||||
Net changes in short-term borrowings | (43) | — | (43) | ||||||||||||||
Payment of obligation for finance lease | (171) | (171) | — | ||||||||||||||
Increased payment of common stock dividends | (19) | — | — | ||||||||||||||
Decreased payment of preferred stock dividends | 24 | — | — | ||||||||||||||
Net change in notes payable from affiliated companies | — | (504) | (224) | ||||||||||||||
Contribution from parent | — | 637 | — | ||||||||||||||
Dividend to parent | — | (37) | (743) | ||||||||||||||
Other | (2) | 1 | 1 | ||||||||||||||
$ | (4,906) | $ | (276) | $ | (4,129) |
CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Estimated capital expenditures | $ | 2,986 | $ | 1,475 | $ | 1,182 | ||||||||||||||
Scheduled principal payments on Securitization Bonds | 182 | 182 | — | |||||||||||||||||
Minimum contributions to pension plans and other post-retirement plans | 11 | 1 | 3 | |||||||||||||||||
Finance lease for mobile generation | 347 | 347 | — | |||||||||||||||||
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||||||||||||||||||||||||
CenterPoint Energy and Houston Electric (PUCT) | ||||||||||||||||||||||||||||||||
DCRF (1) | 146 | April 2022 | TBD | TBD | Based on net change in distribution invested capital since its last base rate proceeding of over $1 billion for the period January 1, 2019 through December 31, 2021. In addition, request includes approximately $200 million in mobile generation facilities during the calendar year ending December 31, 2021. The requested overall revenue increase is $146 million with a proposed effective date of September 1, 2022. | |||||||||||||||||||||||||||
TCOS | 64 | February 2022 | April 2022 | April 2022 | Based on net change of invested capital of $574 million. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Beaumont/East Texas, South Texas, Houston and Texas Coast (Railroad Commission) | ||||||||||||||||||||||||||||||||
GRIP (1) | 34 | March 2022 | TBD | TBD | Based on net change in invested capital for calendar year 2021 of $213 million. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Minnesota (MPUC) | ||||||||||||||||||||||||||||||||
Rate Case (1) | 67 | November 2021 | TBD | TBD | See discussion above under Minnesota Base Rate Case. | |||||||||||||||||||||||||||
Decoupling | N/A | September 2021 | September 2021 | April 2022 | 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. | |||||||||||||||||||||||||||
CenterPoint Energy and CERC - Mississippi (MPSC) | ||||||||||||||||||||||||||||||||
RRA (1) | 3 | April 2022 | TBD | TBD | Based on ROE of 9.568% with 100 basis point (+/-) earnings band. Revenue increase of approximately $3 million based on 2021 test year adjusted earned ROE of 7.74%. Interim increase of approximately $1 million to be implemented May 31, 2022. | |||||||||||||||||||||||||||
CenterPoint Energy - Ohio (PUCO) | ||||||||||||||||||||||||||||||||
DRR (1) | 9 | April 2022 | TBD | TBD | Requested an increase of $63 million to rate base for investments made in 2021, which reflects a $9 million annual increase in current revenues. A change in (over)/under-recovery variance of $(4 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. | |||||||||||||||||||||||||||
Amount Utilized as of April 20, 2022 | ||||||||||||||||||||||||||||||||||||||
Registrant | Size of Facility | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | Termination Date | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
CenterPoint Energy | $ | 2,400 | $ | — | $ | 11 | $ | 443 | 0.70% | February 4, 2024 | ||||||||||||||||||||||||||||
CenterPoint Energy (1) | 400 | — | — | 245 | 0.62% | February 4, 2024 | ||||||||||||||||||||||||||||||||
Houston Electric | 300 | — | — | — | —% | February 4, 2024 | ||||||||||||||||||||||||||||||||
CERC | 900 | — | — | 96 | 0.60% | February 4, 2024 | ||||||||||||||||||||||||||||||||
Total | $ | 4,000 | $ | — | $ | 11 | $ | 784 |
Weighted Average Interest Rate | Houston Electric | CERC | |||||||||||||||
(in millions) | |||||||||||||||||
Money pool investments (borrowings) | 0.67% | $ | 145 | $ | — |
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 |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
2.1* | CenterPoint Energy’s Form 8-K dated April 21, 2018 | 1-31447 | 2.1 | x | ||||||||||||||||||||||||||||||||||||||||
2.2* | CenterPoint Energy’s Form 8-K dated February 3, 2020 | 1-31447 | 2.1 | x | ||||||||||||||||||||||||||||||||||||||||
2.3* | CenterPoint Energy’s Form 8-K dated February 24, 2020 | 1-31447 | 2.1 | x | x | |||||||||||||||||||||||||||||||||||||||
2.4* | CenterPoint Energy’s Form 10-Q for the quarter ended March 31, 2021 | 1-31447 | 2.4 | x | x | |||||||||||||||||||||||||||||||||||||||
3.1 | CenterPoint Energy’s Form 8-K dated July 24, 2008 | 1-31447 | 3.2 | x | ||||||||||||||||||||||||||||||||||||||||
3.2 | Houston Electric’s Form 10-Q for the quarter ended June 30, 2011 | 1-3187 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.3 | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(a)(1) | x |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
3.4 | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(a)(2) | x | ||||||||||||||||||||||||||||||||||||||||
3.5 | CERC Form 10-K for the year ended December 31, 1998 | 1-13265 | 3(a)(3) | x | ||||||||||||||||||||||||||||||||||||||||
3.6 | CERC Form 10-Q for the quarter ended June 30, 2003 | 1-13265 | 3(a)(4) | x | ||||||||||||||||||||||||||||||||||||||||
3.7 | CenterPoint Energy’s Form 8-K dated February 21, 2017 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.8 | Houston Electric’s Form 10-Q for the quarter ended June 30, 2011 | 1-3187 | 3.2 | x | ||||||||||||||||||||||||||||||||||||||||
3.9 | CERC Form 10-K for the year ended December 31, 1997 | 1-13265 | 3(b) | x | ||||||||||||||||||||||||||||||||||||||||
3.10 | CenterPoint Energy’s Form 10-K for the year ended December 31, 2011 | 1-31447 | 3(c) | x | ||||||||||||||||||||||||||||||||||||||||
3.11 | CenterPoint Energy’s Form 8-K dated August 22, 2018 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.12 | CenterPoint Energy’s Form 8-K dated September 25, 2018 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
3.13 | CenterPoint Energy’s Form 8-K dated May 6, 2020 | 1-31447 | 3.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.1 | CenterPoint Energy’s Registration Statement on Form S-4 | 3-69502 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.2 | CenterPoint Energy’s Form 8-K dated August 22, 2018 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.3 | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.1 | x | ||||||||||||||||||||||||||||||||||||||||
4.4 | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.2 | x | x | |||||||||||||||||||||||||||||||||||||||
4.5 | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.3 | x | x |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
4.6 | CenterPoint Energy’s Form 8-K dated February 4, 2021 | 1-31447 | 4.4 | x | ||||||||||||||||||||||||||||||||||||||||
4.7 | Houston Electric’s Form 10-Q for the quarter ended September 30, 2002 | 1-3187 | 4(j)(1) | x | ||||||||||||||||||||||||||||||||||||||||
4.8 | CenterPoint Energy’s Form 10-K for the year ended December 31, 2002 | 1-3187 | 4(k)(10) | x | ||||||||||||||||||||||||||||||||||||||||
4.9 | CenterPoint Energy’s Form 8-K dated January 9, 2009 | 1-3187 | 4.2 | x | ||||||||||||||||||||||||||||||||||||||||
4.10 | Houston Electric’s Form 8-K dated February 23, 2022 | 1-3187 | 4.4 | x | ||||||||||||||||||||||||||||||||||||||||
†4.11 | x | |||||||||||||||||||||||||||||||||||||||||||
10.1 | CenterPoint Energy’s Definitive Proxy Statement filed on March 11, 2022 | 1-31447 | Appendix A | x | ||||||||||||||||||||||||||||||||||||||||
10.2 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.2 | x | ||||||||||||||||||||||||||||||||||||||||
10.3 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.3 | x | ||||||||||||||||||||||||||||||||||||||||
10.4 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.4 | x | ||||||||||||||||||||||||||||||||||||||||
10.5 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.5 | x | ||||||||||||||||||||||||||||||||||||||||
10.6 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.6 | x | ||||||||||||||||||||||||||||||||||||||||
10.7 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.7 | x | ||||||||||||||||||||||||||||||||||||||||
10.8 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.8 | x | ||||||||||||||||||||||||||||||||||||||||
10.9 | CenterPoint Energy’s Form 10-Q for the quarter ended September 30, 2008 | 1-31447 | 10.1 | x |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
10.10 | CenterPoint Energy’s Form 8-K dated April 22, 2022 | 1-31447 | 10.10 | x | ||||||||||||||||||||||||||||||||||||||||
†10.11 | x | |||||||||||||||||||||||||||||||||||||||||||
10.12 | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.1 | x | ||||||||||||||||||||||||||||||||||||||||
10.13 | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.4 | x | ||||||||||||||||||||||||||||||||||||||||
†10.14 | x | |||||||||||||||||||||||||||||||||||||||||||
10.15 | CenterPoint Energy’s Form 8-K dated December 22, 2008 | 1-31447 | 10.3 | x | ||||||||||||||||||||||||||||||||||||||||
10.16 | CenterPoint Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 | 1-31447 | 10.6 | x | ||||||||||||||||||||||||||||||||||||||||
10.17 | CenterPoint Energy’s Form 8-K dated December 9, 2019 | 1-31447 | 10.1 | x | ||||||||||||||||||||||||||||||||||||||||
†10.18 | 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 | x | |||||||||||||||||||||||||||||||||||||||||||
†32.1.3 | x | |||||||||||||||||||||||||||||||||||||||||||
†32.2.1 | x | |||||||||||||||||||||||||||||||||||||||||||
†32.2.2 | x | |||||||||||||||||||||||||||||||||||||||||||
†32.2.3 | 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 |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||||||||||||
†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 |
* | Schedules to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedules will be furnished supplementally to the SEC upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished. |
CENTERPOINT ENERGY, INC. | |||||
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | |||||
CENTERPOINT ENERGY RESOURCES CORP. | |||||
By: | /s/ Stacey L. Peterson | ||||
Stacey L. Peterson | |||||
Senior Vice President and Chief Accounting Officer | |||||
Original Interest Accrual Date: February 28, 2022 Stated Maturity: March 1, 2032 Interest Rate: 3.00% Interest Payment Dates: March 1 and September 1 Regular Record Dates: February 15 and August 15 immediately preceding the respective Interest Payment Date | Redeemable: Yes [X] No [ ] Redemption Date: At any time. Redemption Price: Prior to December 1, 2031 at a redemption price equal to the greater of (i)(a) the sum of the present values of the remaining scheduled payments of principal and interest on this Security or the portion thereof to be redeemed discounted to the Redemption Date (assuming this Security matured on the Par Call Date) on a semiannual basis at the Treasury Rate plus 20 basis points, less (b) interest accrued to the Redemption Date, and (ii) 100% of the principal amount of this Security (or such portion to be redeemed); plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date; or on or after December 1, 2031, at a redemption price equal to 100% of the principal amount of this Security or the portion thereof to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. |
Attest: ____________________________ Vincent A. Mercaldi Secretary | CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC By: Stacey L. Peterson Senior Vice President and Chief Accounting Officer |
Aggregate Principal | ||||||||||||||||||||||||||
Amount of Securities | ||||||||||||||||||||||||||
Decrease in Aggregate | Increase in Aggregate | Remaining After | Notation by | |||||||||||||||||||||||
Date of | Principal Amount of | Principal Amount of | Such Decrease or | Security | ||||||||||||||||||||||
Adjustment | Securities | Securities | Increase | Registrar |
Original Interest Accrual Date: February 28, 2022 Stated Maturity: March 1, 2052 Interest Rate: 3.60% Interest Payment Dates: March 1 and September 1 Regular Record Dates: February 15 and August 15 immediately preceding the respective Interest Payment Date | Redeemable: Yes [X] No [ ] Redemption Date: At any time. Redemption Price: Prior to September 1, 2051 at a redemption price equal to the greater of (i)(a) the sum of the present values of the remaining scheduled payments of principal and interest on this Security or the portion thereof to be redeemed discounted to the Redemption Date (assuming this Security matured on the Par Call Date) on a semiannual basis at the Treasury Rate plus 25 basis points, less (b) interest accrued to the Redemption Date, and (ii) 100% of the principal amount of this Security (or such portion to be redeemed); plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date; or on or after September 1, 2051, at a redemption price equal to 100% of the principal amount of this Security or the portion thereof to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. |
Attest: ____________________________ Vincent A. Mercaldi Secretary | CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC By: Stacey L. Peterson Senior Vice President and Chief Accounting Officer |
Aggregate Principal | ||||||||||||||||||||||||||
Amount of Securities | ||||||||||||||||||||||||||
Decrease in Aggregate | Increase in Aggregate | Remaining After | Notation by | |||||||||||||||||||||||
Date of | Principal Amount of | Principal Amount of | Such Decrease or | Security | ||||||||||||||||||||||
Adjustment | Securities | Securities | Increase | Registrar |
CENTERPOINT ENERGY, INC. By:/s/David J. Lesar David J. Lesar President and Chief Executive Officer |
CENTERPOINT ENERGY, INC. By:/s/David J. Lesar David J. Lesar President and Chief Executive Officer |
CENTERPOINT ENERGY, INC. By:/s/David J. Lesar David J. Lesar President and Chief Executive Officer |
/s/ David J. Lesar | |||||
David 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/ David J. Lesar | |||||
David J. Lesar | |||||
President and Chief Executive Officer | |||||
May 3, 2022 |
/s/ Scott E. Doyle | |||||
Scott E. Doyle | |||||
Manager, President and Chief Executive Officer | |||||
May 3, 2022 |
/s/ Scott E. Doyle | ||
Scott E. Doyle | ||
President and Chief Executive Officer | ||
May 3, 2022 |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
May 3, 2022 |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
May 3, 2022 |
/s/ Jason P. Wells | |||||
Jason P. Wells | |||||
Executive Vice President and Chief Financial Officer | |||||
May 3, 2022 |
Condensed Statements of Consolidated Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Statement [Abstract] | ||
Income tax expense (benefit) from discontinued operations | $ 0 | $ 25 |
Gain on sale | $ 303 | $ 0 |
Condensed Statements of Consolidated Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 531 | $ 363 |
Other comprehensive income: | ||
Adjustment to pension and other postretirement plans (net of tax of $-0- and $-0-) | 1 | 2 |
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0- and $-0-) | 1 | 0 |
Other comprehensive income from unconsolidated affiliates (net of tax of $-0- and $-0-) | 0 | 1 |
Total | 2 | 3 |
Comprehensive income | 533 | 366 |
Income allocated to preferred shareholders | 13 | 29 |
Comprehensive income available to common shareholders | $ 520 | $ 337 |
Condensed Statements of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Adjustment to pension and other postretirement plans, tax | $ 0 | $ 0 |
Reclassification of deferred loss from cash flow hedges realized in net income, tax | 0 | 0 |
Other comprehensive income (loss) from unconsolidated affiliates, tax | $ 0 | $ 0 |
Condensed Statements of Consolidated Changes in Equity (Parenthetical) - $ / shares |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Series A Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Statements of Consolidated Comprehensive Income - Houston Electric - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Net income | $ 531 | $ 363 |
Comprehensive income | 533 | 366 |
Houston Electric | ||
Net income | 61 | 53 |
Comprehensive income | $ 61 | $ 53 |
Condensed Statements of Consolidated Changes in Equity - Houston Electric - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
AOCI Attributable to Parent |
Houston Electric |
Houston Electric
Common Stock
|
Houston Electric
Additional Paid-in Capital
|
Houston Electric
Retained Earnings
|
Houston Electric
AOCI Attributable to Parent
|
---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of period (in shares) at Dec. 31, 2020 | 551,000,000 | 1,000 | ||||||||
Balance, beginning of period at Dec. 31, 2020 | $ 6 | $ 6,914 | $ (845) | $ (90) | $ 0 | $ 2,548 | $ 563 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Contribution from parent | 0 | |||||||||
Other | 0 | |||||||||
Net income | $ 363 | 363 | $ 53 | 53 | ||||||
Dividend to parent | 0 | |||||||||
Balance, end of period (in shares) at Mar. 31, 2021 | 552,000,000 | 1,000 | ||||||||
Balance, end of period at Mar. 31, 2021 | $ 8,716 | $ 6 | 6,916 | (482) | (87) | 3,164 | $ 0 | 2,548 | 616 | 0 |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 628,923,534 | 629,000,000 | 1,000 | |||||||
Balance, beginning of period at Dec. 31, 2021 | $ 9,415 | $ 6 | 8,529 | 154 | (64) | 3,622 | $ 0 | 2,678 | 944 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Contribution from parent | 675 | |||||||||
Other | 1 | |||||||||
Net income | $ 531 | 531 | 61 | 61 | ||||||
Dividend to parent | (37) | |||||||||
Balance, end of period (in shares) at Mar. 31, 2022 | 629,432,406 | 629,000,000 | 1,000 | |||||||
Balance, end of period at Mar. 31, 2022 | $ 9,951 | $ 6 | $ 8,532 | $ 685 | $ (62) | $ 4,322 | $ 0 | $ 3,354 | $ 968 | $ 0 |
Condensed Statements of Consolidated Comprehensive Income - CERC - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Net income | $ 531 | $ 363 |
Comprehensive income | 533 | 366 |
CERC Corp | ||
Net income | 554 | 151 |
Comprehensive income | $ 554 | $ 151 |
Background and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation General. This combined Form 10-Q 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 the penultimate paragraph in Note 11 to the Registrants’ Interim Condensed 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-Q are the Interim Condensed Financial Statements of CenterPoint Energy, Houston Electric and CERC, which are referred to collectively as the Registrants. The Interim Condensed Financial Statements are unaudited, omit certain financial statement disclosures and should be read with the Registrants’ financial statements included in the Registrants’ combined 2021 Form 10-K. The Combined Notes to Interim Condensed 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 March 31, 2022, 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. •CERC Corp. (i) directly owns and operates natural gas distribution systems in four 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. On January 10, 2022, CERC Corp. completed the sale of its Arkansas and Oklahoma Natural Gas businesses. For additional information regarding discontinued operations and divestitures, see Note 3. As of March 31, 2022, CenterPoint Energy’s reportable segments were Electric and Natural Gas. Houston Electric and CERC each consist of a single reportable segment. For a description of CenterPoint Energy’s reportable segments, see Note 15. As of March 31, 2022, 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. Basis of Presentation. The preparation of the Registrants’ financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Interim Condensed Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the respective periods. Amounts reported in the Condensed Statements of Consolidated Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. Certain prior year amounts have been reclassified to conform to the current year reportable segment presentation described in Note 15 and to reflect the impacts of discontinued operations.
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New Accounting Pronouncements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements The following table provides an overview of certain recently adopted accounting pronouncements applicable to all the Registrants.
Management believes that other recently adopted standards and recently issued standards that are not yet effective will not have a material impact on the Registrants’ financial position, results of operations or cash flows upon adoption.
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Divestitures (CenterPoint Energy and CERC) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures (CenterPoint Energy and CERC) | Divestitures (CenterPoint Energy and CERC) Divestiture of Arkansas and Oklahoma Natural Gas Businesses. 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 natural gas costs, including storm-related incremental natural gas costs associated with 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 transaction closed on January 10, 2022. The sale was 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 of the sale in 2022. Although the Arkansas and Oklahoma Natural Gas businesses met the held for sale criteria as of December 31, 2021, their disposals did not represent a strategic shift to CenterPoint Energy and CERC, as both retained significant operations in, and continued to invest in, their natural gas businesses. Therefore, the income and expenses associated with the disposed businesses were not reflected as discontinued operations on CenterPoint Energy’s and CERC’s Condensed Statements of Consolidated Income, as applicable. 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. 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. CenterPoint Energy and CERC recognized gains of $303 million and $557 million, respectively, net of transaction costs of $59 million, in connection with the closing of the disposition of the Arkansas and Oklahoma Natural Gas businesses during the three months ended March 31, 2022. As of March 31, 2022, CenterPoint Energy and CERC had a receivable for working capital and other customary adjustments set forth in the Asset Purchase Agreement, and a gain or loss on sale in future periods may be incurred by CenterPoint Energy and CERC for differences between the estimated receivable as of March 31, 2022 and the actual amount of the payment. As a result of the sale of the Arkansas and Oklahoma Natural Gas businesses, there were no assets or liabilities classified as held for sale as of March 31, 2022. The assets and liabilities of the Arkansas and Oklahoma Natural Gas businesses classified as held for sale in CenterPoint Energy’s and CERC’s Condensed Consolidated Balance Sheets, as applicable, as of December 31, 2021 included the following:
(1)See Note 9 for further information about the allocation of goodwill to the disposed businesses. (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 Note 11. 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 Condensed Statements of Consolidated Income is as follows:
(1)Reflects January 1, 2022 to January 9, 2022 results only due to of the sale of the Arkansas and Oklahoma Natural Gas businesses. Effective on the date of the closing of the disposition of the Arkansas and Oklahoma Natural Gas businesses, a subsidiary of CenterPoint Energy, Inc. entered into the Transition Services Agreement, whereby that subsidiary agreed to provide certain transition services such as accounting, customer operations, procurement, and technology functions for a term of up to twelve months. Subject to the conditions in the Transition Services Agreement, Southern Col Midco may terminate these support services with 60 days prior written notice. CenterPoint Energy’s charges to Southern Col Midco for reimbursement of transition services were $9 million during the three months ended March 31, 2022. Actual transitional services costs incurred are recorded net of amounts charged to Southern Col Midco. CenterPoint Energy had accounts receivable from Southern Col Midco of $7 million as of March 31, 2022 for transition services. Discontinued Operations (CenterPoint Energy) 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. At the closing of the Enable Merger on December 2, 2021, Energy Transfer acquired 100% of Enable’s outstanding common and preferred units, resulting in the exchange of Enable Common Units owned by CenterPoint Energy for Energy Transfer Common Units and the exchange of Enable Series A Preferred Units owned by CenterPoint Energy for Energy Transfer Series G Preferred Units. During the three months ended March 31, 2022, CenterPoint Energy sold all of its remaining Energy Transfer Common Units and Energy Transfer Series G Preferred Units. See Note 10 for further information regarding Energy Transfer equity securities. Additionally, CenterPoint Energy’s disposal of its interests in Enable 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 was classified and presented as held for sale. The equity in earnings of unconsolidated affiliates, net of tax, associated with CenterPoint Energy’s equity investment in Enable was reflected as discontinued operations on CenterPoint Energy’s Condensed Statements of Consolidated Income for the three months ended March 31, 2021. A summary of discontinued operations presented in CenterPoint Energy’s Condensed Statements of Consolidated Income is as follows:
CenterPoint Energy has elected not to separately disclose discontinued operations on its respective Condensed Statements of Consolidated Cash Flows. The following table summarizes CenterPoint Energy’s cash flows from discontinued operations and certain supplemental cash flow disclosures, as applicable:
Distributions Received from Enable (CenterPoint Energy):
Transactions with Enable (CenterPoint Energy and CERC):
Summarized Financial Information for Enable (CenterPoint Energy) As a result of the closing of the Enable Merger in 2021, there were no assets classified as held for sale as of December 31, 2021. Summarized consolidated balance sheet information for Enable on the closing of the Enable Merger is as follows:
Summarized unaudited consolidated income information for Enable is as follows:
(1)Equity in earnings of unconsolidated affiliate includes CenterPoint Energy’s share of Enable earnings adjusted for the amortization of the basis difference of CenterPoint Energy’s 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. (2)Reported as discontinued operations on CenterPoint Energy’s Condensed Statements of Consolidated Income.
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Revenue Recognition and Allowance for Credit Losses |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Allowance for Credit Losses | Revenue Recognition and Allowance for Credit Losses Revenues from Contracts with Customers In accordance with ASC 606, Revenue from Contracts with Customers, 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. 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. The following tables disaggregate revenues by reportable segment and major source: CenterPoint Energy
(1)Primarily consists of income from ARPs and leases. Total lease income was $1 million and $2 million for the three months ended March 31, 2022 and 2021, respectively. Houston Electric
(1)Primarily consists of income from ARPs and leases. Lease income was not significant for the three months ended March 31, 2022 and 2021. CERC
(1)Primarily consists of income from ARPs and leases. Lease income was not significant for the three months ended March 31, 2022 and 2021. Revenues from Contracts with Customers Electric (CenterPoint Energy and Houston Electric). Houston Electric transmits and distributes electricity to customers over time, and customers consume the electricity when delivered. Indiana Electric generates, transmits and distributes 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 Condensed Consolidated Balance Sheets. As of March 31, 2022, 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 Condensed Consolidated Balance Sheets. As of March 31, 2022, 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 related to ASC 606 revenues, other accrued unbilled revenue, contract assets and contract liabilities from contracts with customers, excluding balances related to assets held for sale, as of December 31, 2021 and March 31, 2022, respectively, are presented below. CenterPoint Energy
The amount of revenue recognized during the three months ended March 31, 2022 that was included in the opening contract liability was $10 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 during the three months ended March 31, 2022 that was included in the opening contract liability was $1 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 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 recognizes losses on financial assets that fall under the scope of Topic 326. Losses on financial assets are primarily recoverable through regulatory mechanisms and do not materially impact Houston Electric's allowance for credit losses. For a discussion of regulatory deferrals related to the February 2021 Winter Storm Event, see Note 6.
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The Registrants’ net periodic cost, before considering amounts subject to overhead allocations for capital expenditure projects or for amounts subject to deferral for regulatory purposes, includes the following components relating to pension and postretirement benefits: Pension Benefits (CenterPoint Energy)
(1)Amounts presented in the table above are included in Operation and maintenance expense in CenterPoint Energy’s Condensed Statements of Consolidated Income, net of amounts capitalized and regulatory deferrals. (2)Amounts presented in the table above are included in Other income, net in CenterPoint Energy’s Condensed Statements of Consolidated Income, net of regulatory deferrals. Postretirement Benefits
(1)Amounts presented in the tables above are included in Operation and maintenance expense in each of the Registrants’ respective Condensed Statements of Consolidated Income, net of amounts capitalized and regulatory deferrals. (2)Amounts presented in the tables above are included in Other income (expense), net in each of the Registrants’ respective Condensed Statements of Consolidated Income, net of regulatory deferrals. The table below reflects the expected contributions to be made to the pension and postretirement benefit plans during 2022:
The table below reflects the contributions made to the pension and postretirement benefit plans during 2022:
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Regulatory Matters |
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Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters Equity Return The Registrants are at times allowed by a regulator to defer an equity return as part of the recoverable carrying costs of a regulatory asset. A deferred equity return is capitalized for rate-making purposes, but it is not included in the Registrant’s regulatory assets on its Condensed Consolidated Balance Sheets. The allowed equity return is recognized in the Condensed Statements of Consolidated Income as it is recovered in rates. The recoverable allowed equity return not yet recognized by the Registrants is as follows:
(1)In addition to the amounts described in (2) and (3) below, represents CenterPoint Energy’s allowed equity return on post in-service carrying cost generally associated with investments in Indiana. (2)Represents 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. The actual amounts recognized are adjusted at least annually to correct any over-collections or under-collections during the preceding 12 months. (3)CERC’s allowed equity return on post in-service carrying cost associated with certain distribution facilities replacements expenditures in Texas. The table below reflects the amount of allowed equity return recognized by each Registrant in its Condensed Statements of Consolidated Income:
February 2021 Winter Storm Event Amounts for the under recovery of natural gas costs associated with the February 2021 Winter Storm Event are reflected in current and non-current 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 associated with 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, Minnesota Department of Commerce, and Citizens Utility Board have proposed significant disallowances for all natural gas utilities, resulting in potential disallowances for CenterPoint Energy and CERC. Recommended disallowances for CERC include up to $45 million proposed by the Minnesota 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. 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. As of March 31, 2022, CenterPoint Energy and CERC have recorded current regulatory assets of $1,207 million and $1,176 million, respectively, and non-current regulatory assets of $297 million and $297 million, respectively, associated with the February 2021 Winter Storm Event. 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. As of both March 31, 2022 and 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 both March 31, 2022 and 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 Note 13(d) for further information regarding litigation related to the February 2021 Winter Storm Event.
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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 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 the Indiana Utilities, enters 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. 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. The table below summarizes the Registrants’ outstanding interest rate hedging activity:
(1)Relates to interest rate derivative instruments at SIGECO. Weather Normalization (CenterPoint Energy and CERC). CenterPoint Energy and CERC have weather normalization or other rate mechanisms that largely mitigate the impact of weather on Natural Gas in Indiana, Louisiana, Mississippi, Minnesota and Ohio, 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. The Registrants do not currently enter into weather hedges. (b)Derivative Fair Values and Income Statement Impacts The following tables present information about derivative instruments and hedging activities. The first table provides a balance sheet overview of derivative assets and liabilities, while the last table provides a breakdown of the related income statement impacts. 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 an asset position with no offsetting amounts. (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 10 for further information. Income Statement Impact of Hedge Accounting Activity (CenterPoint Energy)
(1)The indexed debt securities derivative is recorded at fair value and changes in the fair value are recorded in CenterPoint Energy’s Statements of Consolidated Income. (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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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Assets and liabilities that are recorded at fair value in the Registrants’ Condensed 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. 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, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. 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. The following tables present information about the Registrants’ assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 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 expenses and other current assets in the Condensed Consolidated Balance Sheets. Estimated Fair Value of Financial Instruments The fair values of cash and cash equivalents, investments in debt and equity securities measured at fair value and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The carrying amounts of non-trading derivative assets and liabilities and CenterPoint Energy’s ZENS indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined by multiplying the principal amount of each debt instrument by a combination of historical trading prices and comparable issue data. These liabilities, which are not measured at fair value in the Registrants’ Condensed 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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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) Goodwill (CenterPoint Energy and CERC) CenterPoint Energy’s goodwill by reportable segment is 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)Excludes $398 million and $144 million, respectively, of goodwill attributable to the Arkansas and Oklahoma Natural Gas businesses which was reflected on CenterPoint Energy’s and CERC’s respective Condensed Consolidated Balance Sheets in Current assets held for sale as of December 31, 2021 and disposed following the completion of the sale in January 2022. For further information, see Note 3. 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. Goodwill attributable to the disposed Natural Gas businesses was classified as held for sale as of December 31, 2021 and excluded from the table above. Other Intangibles (CenterPoint Energy) The tables below present information on CenterPoint Energy’s intangible assets, excluding goodwill, recorded in Other non-current assets on CenterPoint Energy’s Condensed Consolidated Balance Sheets and the related amortization expense included in Depreciation and amortization on CenterPoint Energy’s Condensed Statements of Consolidated Income.
(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 Condensed Statements of Consolidated Income.
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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Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) | Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) (a) Equity Securities During the three months ended March 31, 2022, CenterPoint Energy executed its previously announced plan to exit the midstream sector by selling the remaining Energy Transfer Common Units and Energy Transfer Series G Preferred Units it held as discussed below. CenterPoint Energy used the proceeds from the these sales to redeem outstanding debt and pay incurred expenses associated with the early redemptions. See Note 11 for further information. CenterPoint Energy’s sales of equity securities during the three months ended March 31, 2022 are as follows:
(1)Proceeds are net of transaction costs. Gains and losses on equity securities, net of transaction costs, are recorded in Loss on Equity Securities in CenterPoint Energy’s Statements of Consolidated Income.
CenterPoint Energy recorded net unrealized losses of $103 million and $23 million for the three months ended March 31, 2022 and 2021 respectively, for equity securities held as of March 31, 2022 and 2021. 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 March 31, 2022. 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 attributable to the ZENS is less than or more than 2.309%. The adjusted principal amount is defined in the ZENS instrument as “contingent principal.” As of March 31, 2022, the ZENS, having an original principal amount of $828 million and a contingent principal amount of $33 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. On May 17, 2021, AT&T announced that it had entered into a definitive agreement with Discovery, Inc. to combine their media assets into a new publicly traded company, Warner Bros. Discovery. The transaction closed on April 8, 2022. Pursuant to the definitive agreement, AT&T shareholders received 0.241917 shares of WBD Common for each share of AT&T Common owned, representing 71% of the new company. Upon the closing of the transaction, reference shares attributable to ZENS now consist of 0.7185 shares of AT&T Common, 0.061382 shares of Charter Common and 0.173817 shares of WBD Common.
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Short-term Borrowings and Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Inventory Financing. CenterPoint Energy’s and CERC’s Natural Gas businesses have third-party AMAs associated with their utility distribution service in Indiana, Louisiana, Minnesota, Mississippi and Texas. 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. These transactions are accounted for as an inventory financing. CenterPoint Energy and CERC had $-0- and $7 million outstanding obligations related to the AMAs as of March 31, 2022 and December 31, 2021, respectively, recorded in Short-term borrowings on CenterPoint Energy’s and CERC’s Condensed Consolidated Balance Sheets. 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. See Note 3 for further information. Debt Transactions. During the three months ended March 31, 2022, the following debt instruments were issued or incurred:
(1)Total proceeds, net of discounts and issuance expenses and fees, of approximately $784 million were used for general limited liability company purposes, including capital expenditures and the repayment of all or a portion of Houston Electric’s borrowings under the CenterPoint Energy money pool. Debt Repayments and Redemptions. During the three months ended March 31, 2022, the following debt instruments were repaid at maturity or redeemed prior to maturity with proceeds received from the sale of Energy Transfer units discussed further in Note 10:
(1)In January 2022, CERC provided notice of partial redemption, and on January 31, 2022, CERC redeemed a portion of the outstanding $1 billion aggregate principal amount of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest on the principal amount being redeemed. (2)First Mortgage Bonds issued by SIGECO. (3)In March 2022, CenterPoint Energy provided notice of redemption, and on March 31, 2022, CenterPoint Energy redeemed all of the remaining outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest of approximately $2 million, the write off of issuance costs of $1 million and an applicable make-whole premium of approximately $7 million for a total redemption price of $260 million. (4)In March 2022, CenterPoint Energy provided notice of partial redemption, and on March 31, 2022, CenterPoint Energy redeemed a portion ($350 million) of the outstanding $500 million aggregate principal amount of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest of approximately $6 million, the write off of issuance costs of $3 million and an applicable make-whole premium of approximately $34 million for a total redemption price of $393 million. Credit Facilities. The Registrants had the following revolving credit facilities as of March 31, 2022:
(1)Based on current credit ratings. (2)As defined in the revolving credit facility agreements, 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, including the subsidiaries of CenterPoint Energy discussed above, were in compliance with all financial debt covenants as of March 31, 2022. The table below reflects the utilization of the Registrants’ respective revolving credit facilities:
(1)Outstanding commercial paper generally has maturities of 60 days or less and each Registrants’ commercial paper program is backstopped by such Registrants’ long-term credit facilities. Houston Electric does not have a commercial paper program. (2)This credit facility was issued by VUHI and is guaranteed by SIGECO, Indiana Gas and VEDO. Liens. As of March 31, 2022, Houston Electric’s assets were subject to liens securing approximately $5.8 billion of general mortgage bonds, 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. As of March 31, 2022, Houston Electric could issue approximately $4.1 billion of additional general mortgage bonds on the basis of retired bonds and 70% of property additions. Other. As of March 31, 2022, certain financial institutions agreed to issue, from time to time, up to $20 million of letters of credit on behalf of Vectren and certain of its subsidiaries in exchange for customary fees. These agreements to issue letters of credit expire on February 4, 2024. As of March 31, 2022, such financial institutions had issued $1 million of letters of credit on behalf of Vectren and certain of its subsidiaries.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Registrants reported the following effective tax rates:
(1)CenterPoint Energy’s higher effective tax rate on income from continuing operations for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was primarily driven by the impact of the non-deductible goodwill associated with the sale of the Natural Gas businesses in Arkansas and Oklahoma, and a decrease in EDIT amortization of the net regulatory EDIT liability. (2)Houston Electric’s higher effective tax rate for the three months ended March 31, 2022 compared to the same period in 2021 was primarily driven by a decrease in the amount of amortization of the net regulatory EDIT liability. (3)CERC’s higher effective tax rate for the three months ended March 31, 2022 compared to the same period ended March 31, 2021 was primarily driven by the impact of the non-deductible goodwill associated with the sale of the Natural Gas businesses in Arkansas and Oklahoma, and an increase in EDIT amortization of the net regulatory EDIT liability. CenterPoint Energy reported a net uncertain tax liability, inclusive of interest and penalties, of $4 million as of March 31, 2022. The Registrants believe that it is reasonably possible that a decrease of up to $3 million in unrecognized tax benefits 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 2019-2022 tax years, the Registrants are participants in the IRS’s Compliance Assurance Process. Vectren’s pre-Merger 2014-2019 tax years are currently under audit by the 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 Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021. 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, originally planned to 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, announced plans in January 2022 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 March 31, 2022, undiscounted minimum purchase obligations are approximately:
(1)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 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) 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 March 31, 2022, there were 53 open surety bonds supporting future performance with an aggregate face amount of approximately $527 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 March 31, 2022, approximately 39% 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 March 31, 2022, there were 37 warranties totaling $549 million and an additional $1.2 billion in energy savings commitments not guaranteed by Vectren. 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 have operated effectively. CenterPoint Energy assessed the fair value of its obligation for such guarantees as of March 31, 2022 and no amounts were recorded on CenterPoint Energy’s Condensed 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 March 31, 2022, 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 $511 million as of March 31, 2022. 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. (c)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 certain of 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. 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 March 31, 2022, 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 March 31, 2022, management estimates approximately $6 million of exposure remained outstanding under CERC Corp. guarantees issued prior 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. 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 Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 related to the performance of these guarantees. (d) Legal, Environmental and Other Matters Legal Matters Litigation Related to the February 2021 Winter Storm Event. Various legal matters are still proceeding with respect to the February 2021 Winter Storm Event. As of March, 31, 2022, CenterPoint Energy and Houston Electric have been named as a defendant in over 100 lawsuits related to the February 2021 Winter Storm Event. Like other Texas energy companies and TDUs, CenterPoint Energy and Houston Electric have become involved in certain investigations, litigation and 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, along with ERCOT, power generation companies, other TDUs, retail electric providers, and other entities, have received, and may continue to receive, claims and lawsuits filed by plaintiffs alleging wrongful death, personal injury, property damage and other injuries and damages. 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 Texas state court in Harris County, Texas, as part of a multi-district litigation proceeding. The judge overseeing the multi-district litigation has issued an initial case management order, stayed discovery, and will first entertain dispositive motions in five representative or “bellwether” cases, which will likely be decided later this year and then likely appealed. CenterPoint Energy and Houston Electric intend to vigorously defend themselves against the claims raised. CenterPoint Energy and Houston Electric have also responded to inquiries from the Texas Attorney General and the Galveston County District Attorney’s Office, and various other regulatory and governmental entities have conducted 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, the event, including the electric generation shortfall issues. Such other 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 PUCT, the City of Houston and other municipal and county entities in Houston Electric’s service territory. Additionally, CenterPoint Energy and CERC have responded to inquiries from the Arkansas, Minnesota and Oklahoma Attorneys General. CenterPoint Energy, Houston Electric and CERC are unable to predict the outcome or consequences of any of the foregoing matters or to estimate a range of potential losses. Environmental Matters MGP Sites. CenterPoint Energy, CERC and their predecessors, including predecessors of Vectren, 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 obligations for all costs which are probable and estimable, including amounts they are presently 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 10-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 March 31, 2022, 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 AROs, 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 their 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. 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 Series B Preferred Stock and Series C Preferred Stock is computed using the if-converted method, as applicable, which assumes conversion of 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.
(1)There were no undistributed earnings to be allocated to participating securities for the three months ended March 31, 2022.
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Reportable Segments |
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Reportable Segments | 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 discontinued operations as described below. Additionally, during the three months ended March 31, 2022, CenterPoint Energy sold certain assets previously owned by entities within Corporate and Other to businesses within the Electric and Natural Gas reportable segments. Prior year amounts were reclassified as a result of this transaction in the three months ended March 31, 2022 and as described in the combined 2021 Form 10-K. In 2021, CenterPoint Energy’s equity investment in Enable was classified and presented as held for sale and discontinued operations. On December 2, 2021, Enable completed the previously announced Enable Merger pursuant to the Enable Merger Agreement entered into on February 16, 2021. See Note 3 for further information. As of March 31, 2022, reportable segments by Registrant were as follows: CenterPoint Energy •CenterPoint Energy’s Electric reportable segment consisted of electric transmission and distribution services in the Texas gulf coast area in the ERCOT region and electric transmission and distribution services primarily to southwestern Indiana and includes power generation and wholesale power operations in the MISO region. •CenterPoint Energy’s Natural Gas reportable segment consists of (i) intrastate natural gas sales to, and natural gas transportation and distribution for residential, commercial, industrial and institutional customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas; and (ii) permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP. CenterPoint Energy’s Corporate and Other category 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 serving 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 Louisiana, Minnesota, Mississippi and Texas; and (ii) permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP. Financial data for reportable segments is as follows, including Corporate and Other and Discontinued Operations for reconciliation purposes: CenterPoint Energy
(1)Houston Electric revenues from major external customers are as follows (CenterPoint Energy and Houston Electric):
(1)Total assets included pension and other postemployment-related regulatory assets of $423 million and $427 million as of March 31, 2022 and December 31, 2021, respectively. 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.
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Supplemental Disclosure of Cash Flow Information |
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Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information The table below provides supplemental disclosure of cash flow information:
(1) Excludes ROU assets obtained through prepayment of the lease liabilities. See Note 19. The table below provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the amount reported in the Condensed Statements of Consolidated Cash Flows:
(1)Houston Electric’s Cash and cash equivalents as of March 31, 2022 and December 31, 2021 included $104 million and $92 million, respectively, of cash related to the Bond Companies.
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Related Party Transactions (Houston Electric and CERC) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (Houston Electric and CERC) | Related Party Transactions (Houston Electric and CERC) Houston Electric and CERC participate in CenterPoint Energy’s 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 CenterPoint Energy money pool are expected to be met with borrowings under CenterPoint Energy’s revolving credit facility or the sale of CenterPoint Energy’s commercial paper. The table below summarizes CenterPoint Energy money pool activity:
(1)Included in Accounts and notes receivable (payable)–affiliated companies on Houston Electric’s and CERC’s respective Condensed Consolidated Balance Sheets. 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 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. Amounts charged for these services were as follows and are included primarily in operation and maintenance expenses:
The table below presents transactions among Houston Electric, CERC and their parent, CenterPoint Energy.
(1) Property, plant and equipment purchased from CenterPoint Energy at its net carrying value on the date of purchase.
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Dividends Declared and Paid (CenterPoint Energy) CenterPoint Energy did not declare dividends on its Common Stock or Series A Preferred Stock during either of the three months ended March 31, 2022 or 2021. The table below provides information about dividends paid during each of these periods:
(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. All of the outstanding Series C Preferred Stock was converted to Common Stock during April and May 2021. Preferred Stock (CenterPoint Energy)
Income Allocated to Preferred Shareholders (CenterPoint Energy)
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. Mr. Lesar received 400 thousand restricted stock units in July 2021 that will vest in December 2022 and 400 thousand restricted stock units in February 2022 that will vest in December 2023. In February 2023, restricted stock units covering the remaining 200 thousand shares, or such lesser number of restricted stock units as may be required pursuant to the annual individual award limitations under CenterPoint Energy’s LTIP, will be awarded to Mr. Lesar and will vest in December 2023. 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 Condensed Consolidated Balance Sheets. 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 income, net in each of the Registrants’ respective Condensed Statements of Consolidated Income.
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Leases | Leases In 2021 Houston Electric entered into a temporary short-term lease and a long-term lease, each for mobile generation. 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 Condensed Consolidated Balance Sheets. Expenses associated with the short-term lease, including carrying costs, are deferred to a regulatory asset and totaled $51 million and $20 million as of March 31, 2022 and December 31, 2021, respectively. Houston Electric took delivery of an additional 128 MW of mobile generation under the long-term lease in the first quarter of 2022 and remitted a cash payment under the lease of $171 million. These assets were previously available under the short-term lease agreement. Houston Electric derecognized the finance lease liability when the extinguishment criteria in Topic 405 - Liabilities was 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 March 31, 2022. The remaining finance lease liability associated with the commenced long-term mobile generation agreement was not significant as of March 31, 2022 and December 31, 2021 and relates to removal costs that will be incurred at the end of the lease term. The long-term lease agreement includes up to 505 MW of mobile generation of which 253 MW and 125 MW was delivered as of March 31, 2022 and December 31, 2021, respectively, triggering lease commencement at delivery, and has an initial term ending in 2029 for all mobile generation leases. As of March 31, 2022, Houston Electric has secured a first lien on all the generation equipment leases and no amount of the payments made by Houston Electric were held in escrow. 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 March 31, 2022, finance lease liabilities were not significant to the Registrants. As of March 31, 2022, maturities of operating lease liabilities were as follows:
As of March 31, 2022, future minimum finance lease payments were not significant to the Registrants, exclusive of approximately $347 million of legally-binding undiscounted minimum lease payments for finance leases for approximately 252 MW of mobile generation leases signed but not yet commenced. As of March 31, 2022, maturities of undiscounted operating lease payments to be received are as follows:
Other information related to leases is as follows:
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Subsequent Events (CenterPoint Energy) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (CenterPoint Energy) | Subsequent Events (CenterPoint Energy) CenterPoint Energy Dividend Declarations
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Background and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation. The preparation of the Registrants’ financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Interim Condensed Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the respective periods. Amounts reported in the Condensed Statements of Consolidated Income are not necessarily indicative of amounts expected for a full-year period due to the effects of, among other things, (a) seasonal fluctuations in demand for energy, (b) changes in energy commodity prices, (c) timing of maintenance and other expenditures and (d) acquisitions and dispositions of businesses, assets and other interests. Certain prior year amounts have been reclassified to conform to the current year reportable segment presentation described in Note 15 and to reflect the impacts of discontinued operations.
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Fair Value Measurements | Assets and liabilities that are recorded at fair value in the Registrants’ Condensed 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. 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, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. 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.
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Earnings Per Share | 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. 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 Series B Preferred Stock and Series C Preferred Stock is computed using the if-converted method, as applicable, which assumes conversion of 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.
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Revenues from Contract with Customers | Revenues from Contracts with Customers In accordance with ASC 606, Revenue from Contracts with Customers, 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. 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. Revenues from Contracts with Customers Electric (CenterPoint Energy and Houston Electric). Houston Electric transmits and distributes electricity to customers over time, and customers consume the electricity when delivered. Indiana Electric generates, transmits and distributes 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 Condensed Consolidated Balance Sheets. As of March 31, 2022, 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 Condensed Consolidated Balance Sheets. As of March 31, 2022, CenterPoint Energy’s contract liabilities primarily relate to Energy Systems Group contracts where revenue is recognized using the input method.
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Allowance for Credit Losses | 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 recognizes losses on financial assets that fall under the scope of Topic 326. Losses on financial assets are primarily recoverable through regulatory mechanisms and do not materially impact Houston Electric's allowance for credit losses. |
New Accounting Pronouncements (Tables) |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides an overview of certain recently adopted accounting pronouncements applicable to all the Registrants.
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Divestitures (CenterPoint Energy and CERC) (Tables) |
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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 classified as held for sale in CenterPoint Energy’s and CERC’s Condensed Consolidated Balance Sheets, as applicable, as of December 31, 2021 included the following:
(1)See Note 9 for further information about the allocation of goodwill to the disposed businesses. (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 Note 11. 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 Condensed Statements of Consolidated Income is as follows:
(1)Reflects January 1, 2022 to January 9, 2022 results only due to of the sale of the Arkansas and Oklahoma Natural Gas businesses.
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Disposal Groups, Including Discontinued Operations | A summary of discontinued operations presented in CenterPoint Energy’s Condensed Statements of Consolidated Income is as follows:
Distributions Received from Enable (CenterPoint Energy):
Transactions with Enable (CenterPoint Energy and CERC):
Summarized Financial Information for Enable (CenterPoint Energy) As a result of the closing of the Enable Merger in 2021, there were no assets classified as held for sale as of December 31, 2021. Summarized consolidated balance sheet information for Enable on the closing of the Enable Merger is as follows:
Summarized unaudited consolidated income information for Enable is as follows:
(1)Equity in earnings of unconsolidated affiliate includes CenterPoint Energy’s share of Enable earnings adjusted for the amortization of the basis difference of CenterPoint Energy’s 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. (2)Reported as discontinued operations on CenterPoint Energy’s Condensed Statements of Consolidated Income.
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Revenue Recognition and Allowance for Credit Losses (Tables) |
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Disaggregation of Revenue | The following tables disaggregate revenues by reportable segment and major source: CenterPoint Energy
(1)Primarily consists of income from ARPs and leases. Total lease income was $1 million and $2 million for the three months ended March 31, 2022 and 2021, respectively. Houston Electric
(1)Primarily consists of income from ARPs and leases. Lease income was not significant for the three months ended March 31, 2022 and 2021. CERC
(1)Primarily consists of income from ARPs and leases. Lease income was not significant for the three months ended March 31, 2022 and 2021.
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Contract with Customer, Contract Asset, Contract Liability and Receivable | The opening and closing balances of accounts receivable related to ASC 606 revenues, other accrued unbilled revenue, contract assets and contract liabilities from contracts with customers, excluding balances related to assets held for sale, as of December 31, 2021 and March 31, 2022, respectively, are presented below. CenterPoint Energy
The amount of revenue recognized during the three months ended March 31, 2022 that was included in the opening contract liability was $10 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 during the three months ended March 31, 2022 that was included in the opening contract liability was $1 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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Employee Benefit Plans (Tables) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The Registrants’ net periodic cost, before considering amounts subject to overhead allocations for capital expenditure projects or for amounts subject to deferral for regulatory purposes, includes the following components relating to pension and postretirement benefits: Pension Benefits (CenterPoint Energy)
(1)Amounts presented in the table above are included in Operation and maintenance expense in CenterPoint Energy’s Condensed Statements of Consolidated Income, net of amounts capitalized and regulatory deferrals. (2)Amounts presented in the table above are included in Other income, net in CenterPoint Energy’s Condensed Statements of Consolidated Income, net of regulatory deferrals. Postretirement Benefits
(1)Amounts presented in the tables above are included in Operation and maintenance expense in each of the Registrants’ respective Condensed Statements of Consolidated Income, net of amounts capitalized and regulatory deferrals. (2)Amounts presented in the tables above are included in Other income (expense), net in each of the Registrants’ respective Condensed Statements of Consolidated Income, net of regulatory deferrals.
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Benefit Plan Contributions | The table below reflects the expected contributions to be made to the pension and postretirement benefit plans during 2022:
The table below reflects the contributions made to the pension and postretirement benefit plans during 2022:
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Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowed Equity Return Not Recognized | The recoverable allowed equity return not yet recognized by the Registrants is as follows:
(1)In addition to the amounts described in (2) and (3) below, represents CenterPoint Energy’s allowed equity return on post in-service carrying cost generally associated with investments in Indiana. (2)Represents 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. The actual amounts recognized are adjusted at least annually to correct any over-collections or under-collections during the preceding 12 months. (3)CERC’s allowed equity return on post in-service carrying cost associated with certain distribution facilities replacements expenditures in Texas.
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Amount Allowed equity return recognized in period | The table below reflects the amount of allowed equity return recognized by each Registrant in its Condensed Statements of Consolidated Income:
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | 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, while the last table provides a breakdown of the related income statement impacts. 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 an asset position with no offsetting amounts. (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 10 for further information.
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Income Statement Impact of Derivative Activity | Income Statement Impact of Hedge Accounting Activity (CenterPoint Energy)
(1)The indexed debt securities derivative is recorded at fair value and changes in the fair value are recorded in CenterPoint Energy’s Statements of Consolidated Income.
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Credit-risk-related contingent features |
(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) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, assets and liabilities measured on a recurring basis | The following tables present information about the Registrants’ assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 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 expenses and other current assets in the Condensed 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 measured at fair value and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The carrying amounts of non-trading derivative assets and liabilities and CenterPoint Energy’s ZENS indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined by multiplying the principal amount of each debt instrument by a combination of historical trading prices and comparable issue data. These liabilities, which are not measured at fair value in the Registrants’ Condensed 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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Goodwill and Other Intangibles (CenterPoint Energy and CERC) (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | CenterPoint Energy’s goodwill by reportable segment is 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)Excludes $398 million and $144 million, respectively, of goodwill attributable to the Arkansas and Oklahoma Natural Gas businesses which was reflected on CenterPoint Energy’s and CERC’s respective Condensed Consolidated Balance Sheets in Current assets held for sale as of December 31, 2021 and disposed following the completion of the sale in January 2022. For further information, see Note 3.
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Schedule of Finite-Lived Intangible Assets | The tables below present information on CenterPoint Energy’s intangible assets, excluding goodwill, recorded in Other non-current assets on CenterPoint Energy’s Condensed Consolidated Balance Sheets and the related amortization expense included in Depreciation and amortization on CenterPoint Energy’s Condensed Statements of Consolidated Income.
(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 Condensed Statements of Consolidated Income.
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Finite-lived Intangible Assets Amortization Expense |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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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Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indexed Debt Securities and Marketable Securities | CenterPoint Energy’s sales of equity securities during the three months ended March 31, 2022 are as follows:
(1)Proceeds are net of transaction costs. CenterPoint Energy’s reference shares for each ZENS consisted of the following:
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Gain (Loss) on Securities | Gains and losses on equity securities, net of transaction costs, are recorded in 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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Short-term Borrowings and Long-term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | Debt Transactions. During the three months ended March 31, 2022, the following debt instruments were issued or incurred:
(1)Total proceeds, net of discounts and issuance expenses and fees, of approximately $784 million were used for general limited liability company purposes, including capital expenditures and the repayment of all or a portion of Houston Electric’s borrowings under the CenterPoint Energy money pool. During the three months ended March 31, 2022, the following debt instruments were repaid at maturity or redeemed prior to maturity with proceeds received from the sale of Energy Transfer units discussed further in Note 10:
(1)In January 2022, CERC provided notice of partial redemption, and on January 31, 2022, CERC redeemed a portion of the outstanding $1 billion aggregate principal amount of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest on the principal amount being redeemed. (2)First Mortgage Bonds issued by SIGECO. (3)In March 2022, CenterPoint Energy provided notice of redemption, and on March 31, 2022, CenterPoint Energy redeemed all of the remaining outstanding senior notes of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest of approximately $2 million, the write off of issuance costs of $1 million and an applicable make-whole premium of approximately $7 million for a total redemption price of $260 million. (4)In March 2022, CenterPoint Energy provided notice of partial redemption, and on March 31, 2022, CenterPoint Energy redeemed a portion ($350 million) of the outstanding $500 million aggregate principal amount of the series at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest of approximately $6 million, the write off of issuance costs of $3 million and an applicable make-whole premium of approximately $34 million for a total redemption price of $393 million. The Registrants had the following revolving credit facilities as of March 31, 2022:
(1)Based on current credit ratings. (2)As defined in the revolving credit facility agreements, 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 table below reflects the utilization of the Registrants’ respective revolving credit facilities:
(1)Outstanding commercial paper generally has maturities of 60 days or less and each Registrants’ commercial paper program is backstopped by such Registrants’ long-term credit facilities. Houston Electric does not have a commercial paper program. (2)This credit facility was issued by VUHI and is guaranteed by SIGECO, Indiana Gas and VEDO.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The Registrants reported the following effective tax rates:
(1)CenterPoint Energy’s higher effective tax rate on income from continuing operations for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was primarily driven by the impact of the non-deductible goodwill associated with the sale of the Natural Gas businesses in Arkansas and Oklahoma, and a decrease in EDIT amortization of the net regulatory EDIT liability. (2)Houston Electric’s higher effective tax rate for the three months ended March 31, 2022 compared to the same period in 2021 was primarily driven by a decrease in the amount of amortization of the net regulatory EDIT liability. (3)CERC’s higher effective tax rate for the three months ended March 31, 2022 compared to the same period ended March 31, 2021 was primarily driven by the impact of the non-deductible goodwill associated with the sale of the Natural Gas businesses in Arkansas and Oklahoma, and an increase in EDIT amortization of the net regulatory EDIT liability.
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Purchase Commitment | As of March 31, 2022, undiscounted minimum purchase obligations are approximately:
(1)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 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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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings per common share.
(1)There were no undistributed earnings to be allocated to participating securities for the three months ended March 31, 2022.
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Reportable Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Financial data for reportable segments is as follows, including Corporate and Other and Discontinued Operations for reconciliation purposes: CenterPoint Energy
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Schedule of Revenue by Major Customers by Reporting Segments | Houston Electric revenues from major external customers are as follows (CenterPoint Energy and Houston Electric):
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Supplemental Disclosure of Cash Flow Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The table below provides supplemental disclosure of cash flow information:
(1) Excludes ROU assets obtained through prepayment of the lease liabilities. See Note 19. The table below provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the amount reported in the Condensed Statements of Consolidated Cash Flows:
(1)Houston Electric’s Cash and cash equivalents as of March 31, 2022 and December 31, 2021 included $104 million and $92 million, respectively, of cash related to the Bond Companies.
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Related Party Transactions (Houston Electric and CERC) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Money Pool Investment and Borrowing | The table below summarizes CenterPoint Energy money pool activity:
(1)Included in Accounts and notes receivable (payable)–affiliated companies on Houston Electric’s and CERC’s respective Condensed Consolidated Balance Sheets.
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Schedule of Related Party Transactions | Amounts charged for these services were as follows and are included primarily in operation and maintenance expenses:
The table below presents transactions among Houston Electric, CERC and their parent, CenterPoint Energy.
(1) Property, plant and equipment purchased from CenterPoint Energy at its net carrying value on the date of purchase.
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | The table below provides information about dividends paid during each of these periods:
(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. All of the outstanding Series C Preferred Stock was converted to Common Stock during April and May 2021.
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Preferred Stock | Preferred Stock (CenterPoint Energy)
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Dividend Requirement on Preferred Stock | Income Allocated to Preferred Shareholders (CenterPoint Energy)
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Schedule of 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 income, net in each of the Registrants’ respective Condensed Statements of Consolidated Income.
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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 March 31, 2022, finance lease liabilities were not significant to the Registrants. As of March 31, 2022, maturities of operating lease liabilities were as follows:
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Lessor, Operating Lease, Payments to be Received, Maturity | As of March 31, 2022, 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:
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Subsequent Events (CenterPoint Energy) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subsequent Events | CenterPoint Energy Dividend Declarations
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Background and Basis of Presentation (Details) |
Mar. 31, 2022
registrant
publicUtilityCompany
state
|
---|---|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of registrants | registrant | 3 |
CERC Corp | Natural Gas | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of states in which entity operates | state | 4 |
Vectren | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of owned and operated utility companies | publicUtilityCompany | 3 |
Revenue Recognition and Allowance for Credit Losses - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts | $ 2,788 | $ 2,541 |
Other | (25) | 6 |
Operating revenues | 2,763 | 2,547 |
Lease income | 1 | 2 |
Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts | 898 | 833 |
Other | (5) | (3) |
Operating revenues | 893 | 830 |
Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts | 1,845 | 1,655 |
Other | (21) | 8 |
Operating revenues | 1,824 | 1,663 |
Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts | 45 | 53 |
Other | 1 | 1 |
Operating revenues | 46 | 54 |
Houston Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts | 756 | 687 |
Other | (10) | (3) |
Operating revenues | 746 | 684 |
CERC Corp | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts | 1,409 | 1,172 |
Other | (24) | 5 |
Operating revenues | $ 1,385 | $ 1,177 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Sale of Equity Securities (CenterPoint Energy) (Details) - Energy Transfer Common Units - USD ($) $ in Millions |
1 Months Ended | 2 Months Ended |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2022 |
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Debt and Equity Securities, FV-NI [Line Items] | ||
Units sold (in shares) | 50,999,768 | |
Proceeds from sale of units | $ 515 | |
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 | $ 187 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Gain (Loss) On Equity Securities (CenterPoint Energy) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Debt and Equity Securities, FV-NI [Line Items] | ||
Gain (loss) on equity securities | $ (17) | $ (23) |
AT&T Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Gain (loss) on equity securities | (10) | 15 |
Charter Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Gain (loss) on equity securities | (93) | (38) |
Energy Transfer Common Units | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Gain (loss) on equity securities | 95 | 0 |
Energy Transfer Series G Preferred Units | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Gain (loss) on equity securities | $ (9) | $ 0 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Securities Classified as Trading (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Carrying Value | $ 720 | $ 1,439 |
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 | $ 241 | $ 251 |
Charter Common | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 872,503 | 872,503 |
Carrying Value | $ 476 | $ 569 |
Energy Transfer Common Units | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 0 | 50,999,768 |
Carrying Value | $ 0 | $ 420 |
Energy Transfer Series G Preferred Units | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Balance of investment owned (in shares) | 0 | 192,390 |
Carrying Value | $ 0 | $ 196 |
Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Carrying Value | $ 3 | $ 3 |
Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) - Schedule of Reference Shares (Details) $ in Millions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 08, 2022
shares
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Mar. 31, 2022
USD ($)
shares
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Dec. 31, 2021
shares
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Sep. 30, 1999
USD ($)
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Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) | Equity Securities and Indexed Debt Securities (ZENS) (CenterPoint Energy) (a) Equity Securities During the three months ended March 31, 2022, CenterPoint Energy executed its previously announced plan to exit the midstream sector by selling the remaining Energy Transfer Common Units and Energy Transfer Series G Preferred Units it held as discussed below. CenterPoint Energy used the proceeds from the these sales to redeem outstanding debt and pay incurred expenses associated with the early redemptions. See Note 11 for further information. CenterPoint Energy’s sales of equity securities during the three months ended March 31, 2022 are as follows:
(1)Proceeds are net of transaction costs. Gains and losses on equity securities, net of transaction costs, are recorded in Loss on Equity Securities in CenterPoint Energy’s Statements of Consolidated Income.
CenterPoint Energy recorded net unrealized losses of $103 million and $23 million for the three months ended March 31, 2022 and 2021 respectively, for equity securities held as of March 31, 2022 and 2021. 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 March 31, 2022. 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 attributable to the ZENS is less than or more than 2.309%. The adjusted principal amount is defined in the ZENS instrument as “contingent principal.” As of March 31, 2022, the ZENS, having an original principal amount of $828 million and a contingent principal amount of $33 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. On May 17, 2021, AT&T announced that it had entered into a definitive agreement with Discovery, Inc. to combine their media assets into a new publicly traded company, Warner Bros. Discovery. The transaction closed on April 8, 2022. Pursuant to the definitive agreement, AT&T shareholders received 0.241917 shares of WBD Common for each share of AT&T Common owned, representing 71% of the new company. Upon the closing of the transaction, reference shares attributable to ZENS now consist of 0.7185 shares of AT&T Common, 0.061382 shares of Charter Common and 0.173817 shares of WBD Common.
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Subordinated Debt ZENS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount of ZENS issued or outstanding | $ | $ 828 | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated note cash exchangeable percentage of fair value (as a percent) | 95.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate of debt (as a percent) | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target annual yield on reference shares (as a percent) | 2.309% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent principal amount of ZENS | $ | $ 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | AT&T | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares received | 0.241917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock representing share of new company (as a percent) | 71.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AT&T Common | Subordinated Debt ZENS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares referenced in exchangeable subordinated note | 0.7185 | 0.7185 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AT&T Common | Subordinated Debt ZENS | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares referenced in exchangeable subordinated note | 0.7185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charter Common | Subordinated Debt ZENS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares referenced in exchangeable subordinated note | 0.061382 | 0.061382 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charter Common | Subordinated Debt ZENS | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares referenced in exchangeable subordinated note | 0.061382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WBD Common | Subordinated Debt ZENS | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares referenced in exchangeable subordinated note | 0.173817 |
Short-term Borrowings and Long-term Debt - Debt Transactions (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
General Mortgage Bonds | Houston Electric | |
Debt Instrument [Line Items] | |
Principal amount of debt issued | $ 800 |
Proceeds from issuance of long-term debt, net of discounts and issuance expenses and fees | 784 |
Senior Note and GMBs | |
Debt Instrument [Line Items] | |
Principal amount of debt issued | 800 |
General Mortgage Bonds Due 2031 | General Mortgage Bonds | Houston Electric | |
Debt Instrument [Line Items] | |
Principal amount of debt issued | $ 300 |
Interest rate of debt (as a percent) | 3.00% |
General Mortgage Bonds Due 2051 | General Mortgage Bonds | Houston Electric | |
Debt Instrument [Line Items] | |
Principal amount of debt issued | $ 500 |
Interest rate of debt (as a percent) | 3.60% |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Contingency [Line Items] | ||
Net uncertain tax liability | $ 4 | |
Unrecognized tax benefits as a result of lapse of communication | $ 3 | |
Houston Electric | ||
Income Tax Contingency [Line Items] | ||
Effective income tax rate (as a percent) | 22.00% | 13.00% |
Continuing Operations | ||
Income Tax Contingency [Line Items] | ||
Effective income tax rate (as a percent) | 27.00% | 15.00% |
Continuing Operations | CERC Corp | ||
Income Tax Contingency [Line Items] | ||
Effective income tax rate (as a percent) | 26.00% | 22.00% |
Discontinued Operations | ||
Income Tax Contingency [Line Items] | ||
Effective income tax rate (as a percent) | 0.00% | 23.00% |
Commitments and Contingencies - Schedule of Undiscounted Minimum Purchase Obligations (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Natural Gas and Coal | |
Other Commitments [Line Items] | |
Remaining nine months of 2022 | $ 521 |
2023 | 726 |
2024 | 638 |
2025 | 451 |
2026 | 324 |
2027 | 305 |
2028 and beyond | 1,319 |
Other | |
Other Commitments [Line Items] | |
Remaining nine months of 2022 | 99 |
2023 | 503 |
2024 | 181 |
2025 | 30 |
2026 | 30 |
2027 | 72 |
2028 and beyond | $ 544 |
Other | Capital Addition Purchase Commitments | Minimum | |
Other Commitments [Line Items] | |
Undiscounted minimum payment obligation, term | 15 years |
Other | Capital Addition Purchase Commitments | Maximum | |
Other Commitments [Line Items] | |
Undiscounted minimum payment obligation, term | 25 years |
Natural Gas | CERC Corp | |
Other Commitments [Line Items] | |
Remaining nine months of 2022 | $ 348 |
2023 | 535 |
2024 | 507 |
2025 | 339 |
2026 | 246 |
2027 | 241 |
2028 and beyond | $ 1,079 |
Subsequent Events (CenterPoint Energy) (Details) |
Apr. 22, 2022
$ / shares
|
---|---|
Subsequent Event | |
Subsequent Event [Line Items] | |
Quarterly cash distribution declared per share | $ 0.1700 |
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