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Control Number : 34077
Item Number : 806
Addendum StartPage : 0
Docket No. 34077
ELECTRIC INVESTOR-OWNED UTILITIES
ITA
^..r..^:.. ^QUARTERLY EARNINGS REPORT
^r- N
OF..^
Oncor Electric Delivery Company LLC
TO THE
PUBLIC UTILITY COMMISSION OF TEXAS
FOR THE
Twelve Months Ending June 30, 2012
Filed In Compliance With Docket No. 34077 Order, Finding of Fact No. 67
Check one:
This is an original submission 1 XIThis is a revised submission II
Date of submission: September 17, 2012
1
Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
GENERAL QUESTIONS
If additional space is required, please attach pages providing the requested information.
1. State the exact name of the utility.
Oncor Electric Delivery Company LLC
2. State the date when the utility was originally organized.
November 16, 2001
3. Report any change in name during the most recent year and state the effective date.
Not Applicable
4. State the name, title, phone number, email address, and office address of the officer of the utility to whomcorrespondence should be addressed concerning this report.
Richard C. HaysController(214) 486-2039 [email protected] Woodall Rodgers FreewayDallas, Texas 75202-1234
4a. State the name, title, phone number, email address, and office address of any other individual designated bythe utility to answer questions regarding this report (optional).
Stephen N. RaglandVice President - Regulatory(214) 486-5255 [email protected] Woodall Rodgers FreewayDallas, Texas 75202-1234
5. State the location of the office where the Company's accounts and records are kept.
Oncor Electric Delivery Company LLC1616 Woodall Rodgers FreewayDallas, Texas 75202-1234
6. State the name and address of the individual or firm, if other than a utility employee, preparingthis report.
General Questions
Page 1 of 2
Not applicable
Oncor Electric Delivery Company LLC General QuestionsTwelve Months Ending June 30, 2012 Page 2 of 2
7. Please indicate the filing status of the Company regarding federal income taxes, e.g., S-Corps,Corporations, Partnerships, Individuals, etc.
As of November 5, 2008, Oncor is a partnership for federal income tax purposes. As such, it is no longer eligible to file as part of aconsolidated income tax return.
8. Please provide:a. The period-ending number of utility
employees (total company): 3,685
b. The period-ending number of Electric Points of Delivery:
Total Company: 3,224,813
Texas Jurisdictional: 3,224,813
9. Will the Company have a rate proceeding pending before this commission on the duedate of this Earnings Monitoring Report?
Yes or No =_> No
10. IF THIS IS A REVISED REPORT, provide the schedule number, line number, and columndesignation where each change input data appears.
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Oncor Electric Delivery Company LLCSchedule IV
Twelve Months Ending June 30, 2012 FEDERAL INCOME TAXES Page 1 of 1
(1) (2) (3) (4) (5)Allocation
Line Total Percentage Texas WholesaleNo. Electric (3)/(1) Jurisdictional Transmission Retail
1 TOTAL REVENUES (Note 1) $3,331,860,567 100.00% $3,331,860,567 $590,282,026 $2,741,578,5412 LESS:3 Operations and Maintenance Expense $1,379,559,203 100.00% $1,379,559,203 $99,348,485 $1,280,210,7184 Amortization Expense $59,191,446 100.00% $59,191,446 $20,664,057 $38,527,3895 Depreciation Expense $544,001,995 100.00% $544,001,995 $147,973,557 $396,028,4386 Interest on Customer Deposits $1,667 100.00% $1,667 $1,661 $67 Taxes Other Than Income Taxes $410,542,228 100.00% $410,542,228 $50,438,988 $360,103,2408 State Income Taxes $21,521,614 100.00% $21,521,614 $2,917,752 $18,603,8629 Deferred Expenses $0 0.00% $0 $0 $0
10 Other Expenses $0 0.00% $0 $0 $011 Nonbypassable charges (from Schedule I) $0 0.00% $0 $0 $012 Interest Included in Return (Note 2) $341,361,427 100.00% $341,361,427 $119,430,280 $221,931,14713 ADD:14 Depreciation Addback - Permanent Differences 0 0.00% 0 0 015 Business Meals Not Deductible 1,273,348 100.00% 1,273,348 459,251 814,09716 Other Permanent Differences 0 0.00% 0 0 017 LESS:18 Preferred Dividend Exclusion 0 0.00% 0 0 019 Other Permanent Differences (Attach Detail) (19,838,406) 100.00% (19,838,406) (7,155,008) (12,683,398)20 Additional Tax Depreciation (Note 3) 463,178,930 100.00% 463,178,930 167,052,183 296,126,74721 Other Timing Differences (Attach Detail) 344,142,434 100.00% 344,142,434 124,119,948 220,022,4852223 OTHER:24 Other adj. not shown elsewhere (Notes 8 & 9) (237,463) 100.00% (237,463) (85,644) (151 819)25
26 TAXABLE INCOME (210,766,086) (210,766,086) (134,136,270) (76,629,815)27 TAX RATE 35% 35% 35% 35%28
29 CURRENT FEDERAL INCOME TAXES (Note 4) (73,768,130) 100.00% (73,768,130) (46,947,695) (26,820,435)30 ADD:31 Current Provision for Deferred Taxes (Note 5) 282,562,477 100.00% 282,562,477 101,910,246 180,652,23132 Adjustment for Prior Flowthrough (Note 6) 6,900,717 100.00% 6,900,717 2,488,843 4,411,87333 LESS:34 Amortization of Investment Tax Credits 4,278,431 100.00% 4,278,431 1,543,078 2,735,35335 Amortization of Excess Deferred Taxes36 a. Protected (Note 7) 1,895,774 100.00% 1,895,774 683,739 1,212,03637 b. Unprotected (Attach Detail) 708,106 100.00% 708,106 255,389 452,71838 OTHER:39 Other adj. not shown elsewhere (Notes 8 & 9) 0 0.00% 0 0 040
41 TOTAL FEDERAL INCOME TAXES $208,812,752 100.00% $208,812,752 $54,969,190 $153,843,563
Note 1: Lines 1 through 11 will be carried automatically from Schedule I.Note 2: This amount will be calculated automatically by applying the weighted cost of debt (including the weighted cost
of preferred trust securities) to the total invested capital.Note 3: Excess of tax depreciation over depreciation claimed on Schedule I adjusted to remove the effects of Line 14
for all plant reflected in Schedule III.Note 4: This amount will be calculated automatically by applying the tax rate of 35% to
the taxable income found on Line 26.Note 5: This amount will be calculated automatically by applying the tax rate of 35% to the total of
Lines 20 and 21.Note 6: This amount will be derived by multiplying non-normalized timing differences times 35%.Note 7: This amount may reflect the most recent year end balanceNote 8: Enter additions as positive amounts and deductions as negative amounts.Note 9: Include detailed accounting of this line's components on Supplemental Schedule IV.[X] Indicate here if footnote or comment relating to this schedule is included on Supplemental Schedule IV.
Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
Weighted Average Cost of Capital
Line
1 Common Equity2 Preferred Stock3 Preferred Trust Securities4 Long-Term Debt5 Short-Term Debt67 Total
*This return on equity wasallowed in Docket No:
The final order was issued on:
(a) (b) (c)Percent of
Balance Total Cost
$ 3,484,747,421 (a) 40.99% 10.25% *0.00% 0.00%0.00% 0.00%
5,016,213,436 59.01% 6.68%0.00% 0.00%
$8,500,960,856 100.00%
3892908/26/2011
Schedule V
(d)Weighted
4.20%0.00%0.00%3.94%
8.14%
Notes: The costs and balances of preferred stock, preferred trust securities, long-term debt, and short-term debtshould correspond with those provided on Schedules VI, Via, VII, VIIa, VIII, IX and IXa.The cost of Preferred Trust Securities should be reported on a pre-tax basis as is the cost of debt;that is, do NOT multiply the cost by [1- tax rate] when completing this schedule.
[X] Indicate here if footnote or comment relating to this schedule is included on Supp Sched IV.
(a) Adjustments to Equity:Membership interests $ 7,259,719,049Effects of the merger (3,774,971,629)
3,484,747,421
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Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
Adjusted Cost of Preferred Stock
Schedule Via
LINE1 Balance of Unamortized Gains (Losses) on $02 Redeemed Stock (Sched.Vl)3 - Balance Related to Gains (Losses) Identified $04 in Col.(h) of Schedule VI56 Net Balance of Unamortized Gains (Losses) Not $07 Accounted for in Col.(h) of Schedule VI89
10 Annual Amortization of Gains (Losses) on $011 Redeemed Stock12 - Annual Amortization Related to Gains ( Losses) $013 Identified in Col.(h) of Schedule VI1415 Net Annual Amortization of Gains (Losses) Not $016 Accounted for in Col.(h) of Schedule VI171819 Net Balance of Preferred Stock (Sched.Vl) $020 - Net Balance of Unamortized Gains ( Losses) from Line 6 $02122 Preferred Stock Balance Excluding Net Gains (Losses) $02324 x Weighted Average Cost of Preferred Stock (Sched.Vl) 0.00%2526 Annual Preferred Stock Requirement $027
28 - Net Amortization of Gains (Losses) from Line 15 $02930 Adjusted Annual Preferred Stock Requirement $03132 Adjusted Cost of Preferred Stock (Line 30/Line 19) 0.00%
[] Indicate here if footnote or comment relating to this schedule is included on Supplemental Schedule IV.
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Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
Adjusted Cost of Long-Term Debt
LINE1 Balance of Unamortized Gains ( Losses) on2 Reacquired Debt (Sched.VIi)3 - Balance Related to Gains (Losses) Identified4 in Col.(h) of Schedule VII56 Net Balance of Unamortized Gains (Losses) Not7 Accounted for in Col.(h) of Schedule VII89
10 Annual Amortization of Gains (Losses) on11 Reacquired Debt12 - Annual Amortization Related to Gains (Losses)13 Identified in Col.(h) of Schedule VII1415 Net Annual Amortization of Gains (Losses) Not16 Accounted for in Col.(h) of Schedule VII171819 Net Balance of Debt (Sched.VIi)20 - Net Balance of Unamortized Gains ( Losses) from Line 62122 Debt Balance Excluding Net Gains ( Losses)2324 x Weighted Average Cost of Debt (Sched.VlI)2526 Annual Debt Requirement2728 - Net Amortization of Gains (Losses) from Line 152930 Adjusted Annual Debt Requirement3132 Adjusted Cost of Debt (Line 30/Line 19)
Schedule VIIa
($35,368,608)
$19,863,811
($55,232,419)
($10,627,133)
$3,783,583
($14,410,716)
$5,016,213,436($55,232,419)
$5,071,445,854
6.323%
$320,688,737
($14,410,716)
$335,099,452
6.68%
[X] Indicate here if footnote or comment relating to this schedule is included on Supplemental Schedule IV.
12
Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
Schedule VIII
Weighted Average Cost of Short-Term Debt
End of Monitoring PeriodTwelve Months Ending June 30, 2012
(a) (b) (c) (d)Balance Weighted
Line Balance at end of Balance at end of Balance at end of Balance As a% Average Average2009 2010 2011 Outstanding of Total Cost Cost
1 Bank Loans $616,098,125 $377,131,250 $391,779,375 $935,000,000 100.00% 1.36% 1.36%2 Other $0 $0 $0 $0 0.00% 0.00% 0.00%3 Total Notes Payable $616,098,125 $377,131,250 $391,779,375 $935,000,000 100.00% 1.36%
n/a = not applicable for current reporting period
(] Indicate here if footnote or comment relating to this schedule is included on Supp Schad IV.
13
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Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
Adjusted Cost of Preferred Trust Securities
LINE
12345678910111213141516171819202122
23242526272829303132
Schedule IXa
Balance of Unamortized Gains (Losses) on $0Redeemed Securities (Sched.IX)
- Balance Related to Gains (Losses) Identified $0in Col.(h) of Schedule IX
Net Balance of Unamortized Gains (Losses) Not $0Accounted for in Col.(h) of Schedule IX
Annual Amortization of Gains (Losses) on $0Redeemed Securities
- Annual Amortization Related to Gains (Losses) $0Identified in Col.(h) of Schedule IX
Net Annual Amortization of Gains (Losses) Not $0Accounted for in Col.(h) of Schedule IX
Net Balance of Preferred Trust Securities (Sched.IX)- Net Balance of Unamortized Gains (Losses) from Line 6
Preferred Trust Securities Balance Excluding Net Gains (Losses)
x Weighted Average Cost of Preferred'Trust Securities (Sched.IX)
Annual Preferred Trust Securities Requirement
- Net Amortization of Gains (Losses) from Line 15
Adjusted Annual Preferred Trust Securities Requirement
Adjusted Cost of Preferred Trust Securities (Line 30/Line 19)
$0$0
$0
0.00%
$0
$0
$0
0.00%
[] Indicate here if footnote or comment relating to this schedule is included on Supplemental Schedule IV.
15
Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
OTHER INVESTED CAPITAL ADDITIONSEnd of Reporting Period
Supplemental Schedule III-1
Total Total TexasLine Description Company Electric Jurisdictional
1 2005 Legislative Deferrals:2 Retirement Plan Costs $123,288,095 $123,288,095 $123,288,0953 Other Post-Employment Benefit Costs 59,588,819 59,588,819 59,588,8194 Advanced Metering Costs 10,389,410 10,389,410 10,389,4105 Deferred Conventional Meter Depreciation 130,705,148 0 06 Bad Debt Expenses 228,978 228,978 228,9787 0 0 08 0 0 09 0 0 0
10 0 0 011 0 0 012 0 0 013 0 0 014 0 0 015 0 0 016 0 0 017 0 0 018 0 0 019 0 0 020 0 0 02122 Total Other Invested Capital Additions $324,200,450 $193,495,302 $193,495,302
[] Indicate here if footnote or comment relating to this schedule is included on Supp Sched IV.
16
Oncor Electric Delivery Company LLCTwelve Months Ending June 30, 2012
OTHER INVESTED CAPITAL DEDUCTIONSEnd of Reporting Period
Line Description
123456789
1011
12
131415
1617
1819202122
Deferred Advanced Metering System RevenuesEstimated Net Removal Costs
Total Other Invested Capital Deductions
TotalCompany
(28,145,324)(179,826,855)
00000000000
0000
000
($207,972,179)
[) Indicate here if footnote or comment relating to this schedule is included on Supp Sched IV.
Supplemental Schedule 111-2
TotalElectric
$ (28,145,324)0000000000000000000
($28,145,324)
TexasJurisdictional
$ (28,145,324)0000000000000000000
($28,145,324)
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Oncor Electric Delivery Company LLC Supplemental Schedule IVTwelve Months Ending June 30, 2012 Page 1 of 1
COMMENTS/FOOTNOTES
Ref. LineSchedule Column Number Comments/Footnotes Amount
1 (7) 3 Wholesale transmission revenues include payments received fromthe affiliate Retail T&D business for wholesale transmission serviceper the Commission's wholesale transmission matrix. $ 216,929,939
(8) 3 Retail T&D revenues exclude the Energy Efficiency performancebonus. (8,221,426)
(8) 11 Expenses include the payments for wholesale transmission fromRetail T&D to its affiliate wholesale transmission service providerper the Commission's wholesale transmission matrix. 216,929,939
I, II, III Oncor has included Supplemental Schedules I - III to reflect:(1) the separate breakout of estimated AMS related investment,revenues and expenses from Wholesale Transmission and Retail T&Ddata to reflect the fact that, in Oncor's last general rate case, DocketNo. 38929, AMS was excluded from the rate increase request, andOncor's AMS revenues and expenses are considered in separateproceedings; and(2) that miscellaneous transmission revenues have been moved fromRetail T&D to Wholesale Transmission to reflect the wholesaletransmission nature of those revenues (in prior EMR filings Oncor hasconsistently included miscellaneous transmission revenues in RetailT&D (column 8) on Schedule I based upon Oncor's interpretation thatthe instructions for Schedule I allow for only wholesale transmissionmatrix revenues to be included in Wholesale Transmission revenues(column 7) on that schedule).The two changes above, as reflected in Supplemental Schedules I -III, provide a more accurate depiction of the Company's financialcondition as compared to the required Schedules I - III.
II (5) 8 Expenses include the payments for wholesale transmission fromRetail T&D to its affiliate wholesale transmission service providerper the Commission's wholesale transmission matrix. 216,929,939
IV (1) 24 R&D credit to current tax expense. Presented as pre-tax amount. (237,463)
V (a) 1 As shown in the footnote on Schedule V, Common Equity excludesthe effects of the merger per the commitments in Docket No. 34077. (3,774,971,629)
V (a) 4 The calculation of the weighted average cost of long-term debt doesVII, VIIa not include the securities of Oncor Transition Bond Company LLC
(securitization bonds) issued in accordance with the company'sSettlement Plan filed with the Commission in 2001. (495,283,512)
21
Signature PagePublic Utility Commission of Texas--Earnings Report
Twelve Months Ending June 30, 2012
I certify that I am the responsible official of Oncor Electric Delivery Company LLC;that I have examined the foregoing report; that to the best of my knowledge, information, and belief, allstatements of fact contained in the said report are true and the said report is a correct statement of thebusiness and affairs of the above-named respondent in respect to each and every matter set forththerein during the period from July 1, 2011 to June 30, 2012 inclusive.
September 13, 2012 k- av waz^Date Signature
ControllerTitle
Address: 1616 Woodall Rodgers FreewayDallas, Texas 75202-1234
Phone: (214) 486-2039
Email address: [email protected]
Alternative contact regarding this report:
Name: Stephen N. RaglandTitle: Vice President - Regulatory
Address: 1616 Woodall Rodgers FreewayDallas, Texas 75202-1234
Phone: (214) 486-5255
Email address: [email protected]
22
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