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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating revenues        
Electric $ 3,387 $ 3,699 $ 8,751 $ 9,255
Natural gas 245 357 1,926 1,923
Other 30 26 87 79
Total operating revenues 3,662 4,082 10,764 11,257
Operating expenses        
Electric fuel and purchased power 1,181 1,497 3,328 3,772
Cost of natural gas sold and transported 70 173 1,084 1,134
Cost of sales — other 14 11 37 32
Operating and maintenance expenses 586 611 1,864 1,827
Conservation and demand side management expenses 76 86 215 259
Depreciation and amortization 618 607 1,807 1,807
Taxes, Other 168 173 489 523
Gain (Loss) Related to Litigation Settlement 34 0 34 0
Total operating expenses 2,747 3,158 8,858 9,354
Operating income 915 924 1,906 1,903
Other income (expense), net 3 (15) 19 (20)
Earnings from equity method investments 7 1 27 27
Allowance for funds used during construction — equity 26 20 63 53
Interest charges and financing costs        
Interest charges — includes other financing costs of $8, $8, $24 and $24, respectively 269 244 790 705
Allowance for funds used during construction — debt (14) (7) (36) (19)
Total interest charges and financing costs 255 237 754 686
Income before income taxes 696 693 1,261 1,277
Income tax expense (benefit) 40 44 (101) (80)
Net income $ 656 $ 649 $ 1,362 $ 1,357
Weighted average common shares outstanding:        
Basic (in shares) 552 548 551 546
Diluted (in shares) [1] 552 548 552 546
Earnings per average common share:        
Basic (in dollars per share) $ 1.19 $ 1.19 $ 2.47 $ 2.48
Diluted (in dollars per share) $ 1.19 $ 1.18 $ 2.47 $ 2.48
[1] Diluted common shares outstanding included common stock equivalents of 0.3 million for the three months ended Sept. 30, 2023 and 2022. Diluted common shares outstanding included common stock equivalents of 0.2 million and 0.3 million for the nine months ended Sept. 30, 2023 and 2022, respectively.