8. MEMBERSHIP INTERESTS
Cash Distributions
On February 19, 2014, our board of directors declared a cash distribution of $53 million, which was paid to our members on February 20, 2014.
During 2013, our board of directors declared, and we paid the following cash distributions to our members:
|
Declaration Date |
Payment Date |
Amount |
|||
|
October 29, 2013 |
October 31, 2013 |
$ |
95 | ||
|
July 31, 2013 |
August 1, 2013 |
$ |
95 | ||
|
May 1, 2013 |
May 2, 2013 |
$ |
70 | ||
|
February 13, 2013 |
February 15, 2013 |
$ |
50 | ||
During 2012, our board of directors declared, and we paid the following cash distributions to our members:
|
Declaration Date |
Payment Date |
Amount |
|||
|
October 24, 2012 |
October 30, 2012 |
$ |
70 | ||
|
July 25, 2012 |
July 31, 2012 |
$ |
50 | ||
|
April 25, 2012 |
May 1, 2012 |
$ |
60 | ||
|
February 14, 2012 |
February 21, 2012 |
$ |
45 | ||
Distributions are limited by our required regulatory capital structure to be at or below the assumed debt-to-equity ratio established periodically by the PUCT for ratemaking purposes, which is currently set at 60% debt to 40% equity. At December 31, 2013, our regulatory capitalization ratio was 58.7% debt and 41.3% equity. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. The debt calculation excludes transition bonds issued by Bondco. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of purchase accounting (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). At December 31, 2013, $192 million was available for distribution to our members under the capital structure restriction.
Accumulated Other Comprehensive Income (Loss)
The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2013.
|
Cash Flow Hedges – Interest Rate Swap |
Defined Benefit Pension and OPEB Plans |
Accumulated Other Comprehensive Income (Loss) |
||||||
|
Balance at December 31, 2012 |
$ |
(28) |
$ |
(3) |
$ |
(31) | ||
|
Defined benefit pension plans (net of tax) |
- |
(19) | (19) | |||||
|
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges |
2 |
- |
2 | |||||
|
Balance at December 31, 2013 |
$ |
(26) |
$ |
(22) |
$ |
(48) | ||