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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 919 $ 881
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 640 594
Deferred income taxes and investment tax credits (48) 137
Equity earnings (325) (348)
Share-based compensation expense (2) 21
Fixed-price contracts and other derivatives 134 16
Bad debt expense 6 42
Other (3) 7
Net change in working capital components (35) 319
Distributions from investments 291 232
Changes in other noncurrent assets and liabilities, net (95) (50)
Net cash provided by operating activities 1,482 1,851
CASH FLOWS FROM INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (2,336) (1,933)
Expenditures for investments (486) (193)
Purchases of nuclear decommissioning and other trust assets (292) (197)
Proceeds from sales of nuclear decommissioning and other trust assets 329 217
Other 0 (1)
Net cash used in investing activities (2,785) (2,107)
CASH FLOWS FROM FINANCING ACTIVITIES    
Common dividends paid (380) (362)
Issuances of common stock 10 10
Repurchases of common stock (57) (40)
Issuances of debt (maturities greater than 90 days) 2,941 2,044
Payments on debt (maturities greater than 90 days) and finance leases (994) (846)
Decrease in short-term debt, net (70) (498)
Advances from unconsolidated affiliates 44 45
Contributions from noncontrolling interests 34 474
Distributions to noncontrolling interests (38) (111)
Other (14) (16)
Net cash provided by financing activities 1,476 700
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 1
Increase in cash, cash equivalents and restricted cash 173 445
Cash, cash equivalents and restricted cash, January 1 1,589 389
Cash, cash equivalents and restricted cash, March 31 1,762 834
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest payments, net of amounts capitalized 243 274
Income tax payments, net of refunds 100 25
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Repayments of advances from unconsolidated affiliate in lieu of distributions 45 62
Accrued capital expenditures for PP&E 1,061 915
Decrease in ARO capitalized to PP&E 11 1
Increase in finance lease obligations capitalized to PP&E 16 7
Unamortized debt issuance costs reclassed from noncurrent asset to long-term debt 22 1
Common dividends issued in stock 13 14
Preferred stock    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends declared but not paid 11 11
Common stock    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends declared but not paid $ 420 $ 392