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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating revenues      
Electric $ 12,123 $ 11,205 $ 9,802
Natural Gas 3,080 2,132 1,636
Other 107 94 88
Total operating revenues 15,310 13,431 11,526
Operating expenses      
Electric fuel and purchased power 5,005 4,733 3,512
Cost of natural gas sold and transported 1,910 1,081 689
Cost of sales — other 44 38 37
Operating and maintenance expenses 2,491 2,321 2,324
Conservation and demand side management expenses 331 304 288
Depreciation and amortization 2,413 2,121 1,948
Taxes (other than income taxes) 688 630 612
Total operating expenses 12,882 11,228 9,410
Operating income 2,428 2,203 2,116
Other (expense) income, net (13) 5 (6)
Earnings from equity method investments 36 62 40
Allowance for funds used during construction — equity 75 73 115
Interest charges and financing costs      
Interest charges — includes other financing costs of $31, $29 and $28, respectively 953 842 840
Allowance for funds used during construction — debt (28) (26) (42)
Total interest charges and financing costs 925 816 798
Income before income taxes 1,601 1,527 1,467
Income tax benefit (135) (70) (6)
Net income $ 1,736 $ 1,597 $ 1,473
Weighted average common shares outstanding:      
Basic 547 539 527
Diluted [1] 547 540 528
Earnings per average common share:      
Basic $ 3.18 $ 2.96 $ 2.79
Diluted $ 3.17 $ 2.96 $ 2.79
Net income $ 1,736 $ 1,597 $ 1,473
[1] Diluted common shares outstanding included common stock equivalents of 0.3 million, 0.3 million and 1.1 million shares for 2022, 2021 and 2020, respectively.