Vistra Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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13. Leases
- LEASES
Vistra has both finance and operating leases for real estate, rail cars and equipment. Our leases have remaining lease terms for 1 to 34 years. Our leases include options to renew up to 15 years. Certain leases also contain options to terminate the lease.
Lease Cost
The following table presents costs related to lease activities:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating lease cost | $12 | $9 | $11 |
| Finance lease: | |||
| Finance lease right-of-use asset amortization | 10 | 9 | 9 |
| Interest on lease liabilities | 11 | 12 | 10 |
| Total finance lease cost | 21 | 21 | 19 |
| Variable lease cost (a) | 37 | 22 | 29 |
| Short-term lease cost | 44 | 47 | 35 |
| Sublease income (b) | — | — | (7) |
| Net lease cost | $114 | $99 | $87 |
(a)Represents coal stockpile management services, common area maintenance services, and rail car payments based on the number of rail cars used.
(b)Represents sublease income related to real estate leases.
Balance Sheet Information
The following table presents lease related balance sheet information:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Lease assets: | ||
| Operating lease right-of-use assets | $50 | $51 |
| Finance lease right-of-use assets (net of accumulated depreciation) | 160 | $173 |
| Total lease right-of-use assets | 210 | 224 |
| Current lease liabilities: | ||
| Operating lease liabilities | 7 | 8 |
| Finance lease liabilities | 9 | 9 |
| Total current lease liabilities | 16 | 17 |
| Noncurrent lease liabilities: | ||
| Operating lease liabilities | 48 | 45 |
| Finance lease liabilities | 227 | 237 |
| Total noncurrent lease liabilities | 275 | 282 |
| Total lease liabilities | $291 | $299 |
Supplemental Cash Flow Information
The following table presents lease related cash flows and other information:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Non-cash disclosure upon commencement of new lease: | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 3 | 19 | 7 |
| Right-of-use assets obtained in exchange for new finance lease liabilities | — | 6 | — |
| Non-cash disclosure upon modification of existing lease: | |||
| Modification of operating lease right-of-use assets | 7 | — | (4) |
| Modification of finance lease right-of-use assets | (1) | 4 | (1) |
Weighted Average Remaining Lease Term
The following table presents weighted average remaining lease term information:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Weighted average remaining lease term: | ||
| Operating lease | 20.1 years | 15.8 years |
| Finance lease | 24.0 years | 24.2 years |
| Weighted average discount rate: | ||
| Operating lease | 6.49% | 6.26% |
| Finance lease | 4.81% | 4.81% |
Maturity of Lease Liabilities
The following table presents maturity of lease liabilities:
| Operating Lease · Finance Lease · Total Lease | |||
|---|---|---|---|
| 2024 | $10 | $20 | $30 |
| 2025 | 7 | 19 | 26 |
| 2026 | 4 | 14 | 18 |
| 2027 | 4 | 13 | 17 |
| 2028 | 4 | 13 | 17 |
| Thereafter | 77 | 345 | 422 |
| Total lease payments | 106 | 424 | 530 |
| Less: Interest | (51) | (188) | (239) |
| Present value of lease liabilities | $55 | $236 | $291 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.