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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating revenues        
Electric $ 2,941 $ 2,771 $ 7,430 $ 7,345
Natural gas 219 222 1,082 1,324
Other 22 20 67 62
Total operating revenues 3,182 3,013 8,579 8,731
Operating expenses        
Electric fuel and purchased power 981 952 2,611 2,679
Cost of natural gas sold and transported 54 55 425 646
Cost of sales — other 11 9 28 28
Operating and maintenance expenses 579 580 1,708 1,764
Conservation and demand side management expenses 73 75 215 212
Depreciation and amortization 513 447 1,449 1,319
Taxes, Other 158 137 453 429
Total operating expenses 2,369 2,255 6,889 7,077
Operating income 813 758 1,690 1,654
Other income (expense), net 1 8 (6) 14
Equity earnings of unconsolidated subsidiaries 12 10 29 29
Allowance for funds used during construction — equity 30 15 91 55
Interest charges and financing costs        
Interest charges — includes other financing costs of $7, $6, $21 and $19, respectively 221 199 628 578
Other financing costs 7 6 21 19
Allowance for funds used during construction — debt (11) (7) (33) (27)
Total interest charges and financing costs 210 192 595 551
Income before income taxes 646 599 1,209 1,201
Income tax expense 43 72 24 121
Net income $ 603 $ 527 $ 1,185 $ 1,080
Weighted average common shares outstanding:        
Basic (in shares) 526 519 526 517
Diluted (in shares) 528 521 527 518
Earnings per average common share:        
Basic (in dollars per share) $ 1.15 $ 1.02 $ 2.25 $ 2.09
Diluted (in dollars per share) $ 1.14 $ 1.01 $ 2.25 $ 2.08