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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 180 $ 966
Funds deposited by counterparties 446 199
Restricted cash 17 8
Accounts receivable, net 3,421 3,488
Inventory 451 478
Derivative instruments 2,332 2,686
Cash collateral paid in support of energy risk management activities 361 309
Prepayments and other current assets 987 830
Total current assets 8,195 8,964
Property, plant and equipment, net 3,192 2,021
Other Assets    
Equity investments in affiliates 47 45
Operating lease right-of-use assets, net 133 151
Goodwill 5,017 5,011
Derivative instruments 1,745 1,710
Deferred income taxes 1,935 2,067
Other non-current assets 1,315 1,145
Total other assets 12,701 13,037
Total Assets 24,088 24,022
Current Liabilities    
Current portion of long-term debt and finance leases 1,132 996
Current portion of operating lease liabilities 38 66
Accounts payable 2,544 2,513
Derivative instruments 1,954 2,297
Cash collateral received in support of energy risk management activities 446 199
Deferred revenue current 715 711
Accrued expenses and other current liabilities 1,952 2,031
Total current liabilities 8,781 8,813
Other Liabilities    
Long-term debt and finance leases 9,812 9,812
Non-current operating lease liabilities 134 117
Derivative instruments 1,273 1,107
Deferred income taxes 12 12
Deferred revenue non-current 905 862
Other non-current liabilities 883 821
Total other liabilities 13,019 12,731
Total Liabilities 21,800 21,544
Commitments and Contingencies
Stockholders' Equity    
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2025 and December 31, 2024, aggregate liquidation preference of $650 at June 30, 2025 and December 31, 2024 650 650
Common stock; $0.01 par value; 500,000,000 shares authorized; 201,087,779 and 205,064,058 shares issued and 194,630,094 and 198,604,003 shares outstanding at June 30, 2025 and December 31, 2024, respectively 2 2
Additional paid-in-capital 305 705
Retained earnings 1,970 1,535
Treasury stock, at cost; 6,457,685 shares and 6,460,055 shares at June 30, 2025 and December 31, 2024, respectively (538) (297)
Accumulated other comprehensive loss (101) (117)
Total Stockholders' Equity 2,288 2,478
Total Liabilities and Stockholders' Equity 24,088 24,022
Customer relationships, net    
Other Assets    
Intangible assets, net 1,379 1,538
Other intangible assets, net    
Other Assets    
Intangible assets, net $ 1,130 $ 1,370