Vistra Corp
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
6. Property, Plant and Equipment
- PROPERTY, PLANT, AND EQUIPMENT
Our property, plant, and equipment consist of our power generation assets, related mining assets, land, information system hardware, capitalized corporate office lease space and other leasehold improvements. The estimated remaining useful lives of our property, plant, and equipment ranges from 1 to 29 years. Land is not depreciated.
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Power generation and structures | $22,783 | $17,297 |
| Land | 603 | 572 |
| Office and other equipment | 160 | 159 |
| Total | 23,546 | 18,028 |
| Less accumulated depreciation | (8,020) | (6,657) |
| Net of accumulated depreciation | 15,526 | 11,371 |
| Finance lease right-of-use assets (net of accumulated amortization) | 153 | 160 |
| Nuclear fuel (net of accumulated amortization of $409 million and $120 million) | 1,434 | 379 |
| Construction work in progress | 1,060 | 522 |
| Property, plant, and equipment — net | $18,173 | $12,432 |
Depreciation expenses totaled $1.670 billion, $1.344 billion, and $1.388 billion for the years ended December 31, 2024, 2023, and 2022, respectively.
Retirement of Generation Facilities
The following are all of our facilities that have either been retired, or that have announced retirement dates. Operation results for plants with defined retirement dates are included in our Asset Closure segment at the beginning of the calendar year the retirement is expected to occur.
| Facility | Location | ISO/RTO | Fuel Type | Net Generation Capacity (MW) | Announced Retirement Date (a) | Segment |
|---|---|---|---|---|---|---|
| Baldwin | Baldwin, IL | MISO | Coal | 1,185 | By the end of 2027 | East |
| Coleto Creek | Goliad, TX | ERCOT | Coal | 650 | By the end of 2027 (b) | Texas |
| Kincaid | Kincaid, IL | PJM | Coal | 1,108 | By the end of 2027 | East |
| Miami Fort | North Bend, OH | PJM | Coal | 1,020 | By the end of 2027 | East |
| Newton | Newton, IL | MISO | Coal | 615 | By the end of 2027 | East |
| Edwards | Bartonville, IL | MISO | Coal | 585 | Retired January 1, 2023 | Asset Closure |
| Joppa | Joppa, IL | MISO | Coal | 802 | Retired September 1, 2022 | Asset Closure |
| Joppa | Joppa, IL | MISO | Natural Gas | 221 | Retired September 1, 2022 | Asset Closure |
| Zimmer | Moscow, OH | PJM | Coal | 1,300 | Retired June 1, 2022 | Asset Closure |
| Total | 7,486 | |||||
(a)Generation facilities may retire earlier than expected dates disclosed if economic or other conditions dictate.
(b)Following the retirement of Coleto Creek as a coal-fueled plant, the Company intends to repower it as a gas-fueled plant.
Impairment of Long-Lived Assets
In the first quarter of 2023, we recognized an impairment loss of $49 million related to our Kincaid generation facility in Illinois as a result of a significant decrease in the projected operating margins of the facility, primarily driven by a decrease in projected power prices. The impairment is reported in our East segment and includes write-downs of property, plant, and equipment of $45 million, write-downs of inventory of $2 million, and write-downs of operating lease right-of-use assets of $2 million.
In the fourth quarter of 2022, we recognized an impairment loss of $74 million related to our Miami Fort generation facility in Ohio as a result of a significant decrease in the projected operating margins of the facility, reflecting an increase in projected coal costs along with a decrease in projected power prices. The impairment is reported in our East segment and includes write-downs of property, plant, and equipment of $71 million and write-downs of inventory of $3 million.
In determining the fair value of the impaired asset groups in 2023 and 2022, we utilized the income approach described in ASC 820, Fair Value Measurement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.