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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating revenues        
Electric $ 2,286 $ 2,249 $ 4,489 $ 4,574
Natural gas 280 308 863 1,102
Other 20 20 45 42
Total operating revenues 2,586 2,577 5,397 5,718
Operating expenses        
Electric fuel and purchased power 833 813 1,630 1,727
Cost of natural gas sold and transported 86 112 371 591
Cost of sales — other 8 10 17 19
Operating and maintenance expenses 550 586 1,129 1,184
Conservation and demand side management expenses 68 65 142 137
Depreciation and amortization 473 439 936 872
Taxes (other than income taxes) 146 142 295 292
Total operating expenses 2,164 2,167 4,520 4,822
Operating income 422 410 877 896
Other income (expense), net 5 2 (7) 6
Equity earnings of unconsolidated subsidiaries 6 9 17 19
Allowance for funds used during construction — equity 37 20 61 40
Interest charges and financing costs        
Interest charges — includes other financing costs of $7, $6, $14 and $13, respectively 208 189 407 379
Other financing costs 7 6 14 13
Allowance for funds used during construction — debt (12) (10) (22) (20)
Total interest charges and financing costs 196 179 385 359
Income before income taxes 274 262 563 602
Income tax (benefit) expense (13) 24 (19) 49
Net income $ 287 $ 238 $ 582 $ 553
Weighted average common shares outstanding:        
Basic (in shares) 527 516 526 515
Diluted (in shares) 527 518 527 517
Earnings per average common share:        
Basic (in dollars per share) $ 0.54 $ 0.46 $ 1.10 $ 1.07
Diluted (in dollars per share) $ 0.54 $ 0.46 $ 1.10 $ 1.07