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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 3,500 $ 3,618 $ 2,285
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,437 2,227 2,019
Deferred income taxes and investment tax credits (20) 249 392
Equity earnings (1,609) (1,481) (1,498)
Share-based compensation expense 86 80 71
Fixed-price contracts and other derivatives (197) (666) 863
Bad debt expense 209 458 122
Other 20 (14) 56
Net change in working capital components:      
Accounts receivable 118 168 (976)
Due to/from unconsolidated affiliates, net 30 26 (31)
Income taxes receivable/payable, net (49) 142 (29)
Inventories (74) (80) (17)
Other current assets (30) 11 (1,608)
Accounts payable (131) (270) 430
Regulatory balancing accounts, net (456) 260 36
Reserve for Aliso Canyon costs (12) (98) (1,851)
Other current liabilities 142 1,270 228
Insurance receivable for Aliso Canyon costs 0 0 360
Distributions from investments 1,093 912 854
Changes in other noncurrent assets and liabilities, net (150) (594) (564)
Net cash provided by operating activities 4,907 6,218 1,142
Net cash used in investing activities      
Expenditures for property, plant and equipment (8,215) (8,397) (5,357)
Expenditures for investments (988) (382) (376)
Return on investments 9 0 0
Purchases of nuclear decommissioning and other trust assets (889) (610) (700)
Proceeds from sales of nuclear decommissioning and other trust assets 942 661 762
Repayments of advances to unconsolidated affiliates 0 0 626
Other 23 12 6
Net cash used in investing activities (9,118) (8,716) (5,039)
CASH FLOWS FROM FINANCING ACTIVITIES      
Common dividends paid (1,499) (1,483) (1,430)
Preferred dividends paid (44) (44) (44)
Issuances of common stock, net 1,219 145 4
Repurchases of common stock (43) (32) (478)
Issuances of debt (maturities greater than 90 days) 8,674 7,669 9,984
Payments on debt (maturities greater than 90 days) and finance leases (3,339) (6,294) (4,510)
(Decrease) increase in short-term debt, net (557) 552 (1,266)
Advances from unconsolidated affiliates 85 31 28
Proceeds from sales of noncontrolling interests, net 0 1,219 1,732
Distributions to noncontrolling interests (297) (730) (237)
Contributions from noncontrolling interests 1,235 1,570 31
Termination of interest rate and settlement of cross-currency swaps 46 (99) 0
Other (56) (85) (35)
Net cash provided by financing activities 5,424 2,419 3,779
Effect of exchange rate changes on cash, cash equivalents and restricted cash (13) 6 (1)
Increase (decrease) in cash, cash equivalents and restricted cash 1,200 (73) (119)
Cash, cash equivalents and restricted cash, January 1 389 462 581
Cash, cash equivalents and restricted cash, December 31 1,589 389 462
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Interest payments, net of amounts capitalized 1,205 1,172 1,014
Income tax payments, net of refunds 289 197 284
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Accrued interest receivable capitalized to note receivable 17 16 16
Repayments of advances from unconsolidated affiliate in lieu of distributions 62 36 32
Accrued capital expenditures for PP&E 1,181 1,052 590
Capital expenditures reclassed from assets to PP&E 53 18 5
Increase in finance lease obligations capitalized to PP&E 41 57 57
Amortized debt issuance costs capitalized to PP&E 13 4 0
Unamortized debt issuance costs reclassed from assets to debt 27 9 0
Accrued interest payable capitalized to due to unconsolidated affiliate 16 0 0
Increase in ARO capitalized to PP&E 1 33 91
Common dividends issued in stock 54 0 0
Net exercise of stock options 9 0 0
Contributions from NCI 0 200 0
Common Stock      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Dividends declared but not paid 393 376 360
Preferred stock      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Dividends declared but not paid $ 11 $ 11 $ 11