Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions |
3 Months Ended |
Mar. 31, 2021 |
Mar. 31, 2020 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 133
|
$ 124
|
| Adjustments to reconcile to net cash flows provided by operating activities: |
|
|
| Depreciation and amortization |
157
|
145
|
| Deferred income taxes and amortization of investment tax credits |
26
|
38
|
| Provision for losses on accounts receivable |
11
|
6
|
| Pension and non-pension postretirement benefits |
(10)
|
(1)
|
| Other non-cash, net |
(41)
|
(18)
|
| Changes in assets and liabilities: |
|
|
| Receivables and unbilled revenues |
26
|
(4)
|
| Pension and postretirement benefit contributions |
(9)
|
(10)
|
| Accounts payable and accrued liabilities |
(57)
|
(91)
|
| Other assets and liabilities, net |
(57)
|
(9)
|
| Net cash provided by operating activities |
179
|
180
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Capital expenditures |
(342)
|
(408)
|
| Acquisitions, net of cash acquired |
(3)
|
(21)
|
| Proceeds from sale of assets |
0
|
2
|
| Removal costs from property, plant and equipment retirements, net |
(18)
|
(23)
|
| Net cash used in investing activities |
(363)
|
(450)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Proceeds from long-term debt |
2
|
8
|
| Repayments of long-term debt |
(25)
|
(6)
|
| (Repayments of) proceeds from term loan |
(500)
|
500
|
| Net proceeds from revolving credit facility borrowings |
0
|
215
|
| Net short-term borrowings with maturities less than three months |
334
|
139
|
| Proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $15 and $11 for the three months ended March 31, 2021 and 2020, respectively |
(11)
|
(5)
|
| Advances and contributions for construction, net of refunds of $6 and $8 for the three months ended March 31, 2021 and 2020, respectively |
7
|
7
|
| Dividends paid |
(100)
|
(90)
|
| Net cash (used in) provided by financing activities |
(293)
|
768
|
| Net (decrease) increase in cash, cash equivalents and restricted funds |
(477)
|
498
|
| Cash, cash equivalents and restricted funds at beginning of period |
576
|
91
|
| Cash, cash equivalents and restricted funds at end of period |
99
|
589
|
| Non-cash investing activity: |
|
|
| Capital expenditures acquired on account but unpaid as of the end of period |
$ 223
|
$ 256
|