Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 106
|
$ 93
|
| Adjustments to reconcile to net cash flows provided by operating activities: |
|
|
| Depreciation and amortization |
129
|
124
|
| Deferred income taxes and amortization of investment tax credits |
33
|
64
|
| Provision for losses on accounts receivable |
3
|
4
|
| Gain on asset dispositions and purchases |
(2)
|
0
|
| Pension and non-pension post-retirement benefits |
8
|
15
|
| Other non-cash, net |
(10)
|
(18)
|
| Changes in assets and liabilities: |
|
|
| Receivables and unbilled revenues |
20
|
51
|
| Pension and non-pension post-retirement benefit contributions |
0
|
(11)
|
| Accounts payable and accrued liabilities |
(73)
|
(72)
|
| Other assets and liabilities, net |
5
|
27
|
| Net cash provided by operating activities |
219
|
277
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Capital expenditures |
(364)
|
(270)
|
| Acquisitions, net of cash acquired |
(8)
|
(2)
|
| Proceeds from sale of assets and securities |
6
|
0
|
| Removal costs from property, plant and equipment retirements, net |
(20)
|
(13)
|
| Net cash used in investing activities |
(386)
|
(285)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Proceeds from long-term debt |
10
|
0
|
| Repayments of long-term debt |
(6)
|
(4)
|
| Net short-term borrowings with maturities less than three months |
278
|
131
|
| Proceeds from issuances of employee stock plans and direct stock purchase plan |
4
|
10
|
| Advances and contributions for construction, net of refunds of $4 for the three months ended March 31, 2018 and 2017, respectively |
4
|
7
|
| Dividends paid |
(74)
|
(67)
|
| Anti-dilutive share repurchases |
(45)
|
(54)
|
| Taxes paid related to employee stock plans |
(5)
|
(9)
|
| Net cash provided by financing activities |
166
|
14
|
| Net (decrease) increase in cash and cash equivalents and restricted funds |
(1)
|
6
|
| Cash and cash equivalents and restricted funds at beginning of period |
83
|
99
|
| Cash and cash equivalents and restricted funds at end of period |
82
|
105
|
| Non-cash investing activity: |
|
|
| Capital expenditures acquired on account but unpaid as of end of period |
$ 175
|
$ 142
|