v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income $ 631 $ 646
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets 602 444
Amortization of capitalized contract costs 324 226
Accretion of asset retirement obligations 17 20
Provision for credit losses 104 113
Amortization of financing costs and debt discounts/premiums 10 13
Loss on debt extinguishment 9 10
Amortization of in-the-money contracts and emissions allowances 47 51
Amortization of unearned equity compensation 72 62
Net (gain)/loss on sale of assets and disposal of assets (38) 10
Gain on proceeds from insurance recoveries for Property, plant and equipment, net 0 (100)
Changes in derivative instruments (61) 18
Changes in current and deferred income taxes and liability for uncertain tax benefits (33) 126
Changes in collateral deposits in support of risk management activities 14 197
Changes in other working capital:    
Accounts receivable, net 910 (17)
Inventory (156) 16
Prepayments and other current assets (441) (368)
Accounts payable (780) (39)
Accrued expenses and other current liabilities (164) (120)
Other assets and liabilities (119) (2)
Cash provided by operating activities 948 1,306
Cash Flows from Investing Activities    
Payments for acquisitions of businesses and assets, net of cash acquired (7,101) (586)
Capital expenditures (655) (595)
Proceeds from sales of assets, net 44 6
Purchases of emissions allowances (41) (10)
Sales of emissions allowances 44 3
Proceeds from insurance recoveries for Property, plant and equipment, net 0 100
Cash used in investing activities (7,709) (1,082)
Cash Flows from Financing Activities    
Equivalent shares purchased in lieu of tax withholdings (99) (77)
Payments for share repurchase activity and excise tax (931) (603)
Payments of dividends to preferred and common stockholders (235) (207)
Proceeds from issuance of long-term debt 3,652 0
Repayments of long-term debt and finance leases (1,619) (10)
Payments for debt extinguishment costs (9) 0
Payments of deferred financing costs (84) (31)
Net receipts from settlement of acquired derivatives that include financing elements 16 38
Proceeds from credit facilities 8,675 865
Repayments to credit facilities (7,226) (730)
Cash provided by/(used in) financing activities 2,140 (755)
Effect of exchange rate changes on cash and cash equivalents 2 1
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash (4,619) (530)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 4,998 1,173
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 379 $ 643