v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
NET INCOME $ 1,232 $ 1,038
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME    
Depreciation and amortization 1,150 1,140
Deferred income taxes 451 301
Rate case amortization and accruals (55) 130
Common equity component of allowance for funds used during construction (47) (36)
Gain on sale of equity interest in Mountain Valley Pipeline, LLC (189) 0
Other non-cash items, net (63) (63)
CHANGES IN ASSETS AND LIABILITIES    
Accounts receivable – customers, net 66 52
Unbilled revenue and net unbilled revenue deferrals (44) 22
Other receivables, net and other current assets (96) 166
Taxes receivable (53) 144
Prepayments (59) 71
Accounts payable (229) 35
Pensions and retiree benefits obligations, net (210) (284)
Pensions and retiree benefits contributions (12) (9)
Accrued taxes (7) (13)
Accrued interest 6 12
Superfund and other environmental costs, net (3) (14)
Distributions from equity investments 26 33
Deferred charges, noncurrent assets, leases, net and other regulatory assets (137) (178)
Deferred credits, noncurrent liabilities and other regulatory liabilities 292 206
Other current liabilities (48) 63
NET CASH FLOWS FROM OPERATING ACTIVITIES 1,971 2,816
INVESTING ACTIVITIES    
Utility capital expenditures (2,473) (2,420)
Cost of removal less salvage (208) (251)
Non-utility capital expenditures (1) (1)
Proceeds from sale of equity interest in Mountain Valley Pipeline, LLC 358 0
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold 0 45
Other investing activities (30) (28)
NET CASH FLOWS USED IN INVESTING ACTIVITIES (2,354) (2,655)
FINANCING ACTIVITIES    
Net payment of short-term debt (Maturities 90 days or less) (554) (950)
Payment of short-term debt (Maturities greater than 90 days) (300) 0
Borrowing under term loan 0 200
Repayment of term loan (500) 0
Issuance of long-term debt 1,300 0
Debt issuance costs (17) (1)
Common stock dividends (624) (576)
Issuance of common shares - public offering 884 1,308
Issuance of common shares for stock plans 34 32
NET CASH FLOWS FROM FINANCING ACTIVITIES 223 13
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:    
NET CHANGE FOR THE PERIOD (160) 174
BALANCE AT BEGINNING OF PERIOD 1,630 1,333
BALANCE AT END OF PERIOD 1,470 1,507
Cash paid (received) during the period for:    
Interest, net of capitalized interest 587 560
Income taxes 19 (181)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION    
Capital expenditures in accounts payable 848 342
Issuance of common shares for dividend reinvestment 24 25
Equipment    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION    
Equipment acquired but unpaid as of end of period $ 0 $ 6