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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUES:        
Revenues [1] $ 3,124 $ 3,022 $ 8,472 $ 8,253
OPERATING EXPENSES:        
Fuel 132 101 362 276
Purchased power 874 766 2,206 2,073
Other operating expenses 856 937 2,326 2,416
Provision for depreciation 326 316 972 954
Amortization (deferral) of regulatory assets, net 30 (91) 171 (26)
General taxes 275 272 812 792
DPA penalty (Note 9) 0 0 230 0
Gain on sale of Yards Creek (Note 8) 0 0 (109) 0
Total operating expenses 2,493 2,301 6,970 6,485
OPERATING INCOME 631 721 1,502 1,768
OTHER INCOME (EXPENSE):        
Miscellaneous income, net 136 100 379 303
Pension and OPEB mark-to-market adjustment (Note 5) 0 0 0 (423)
Interest expense (283) (266) (855) (792)
Capitalized financing costs 20 21 54 57
Total other expense (127) (145) (422) (855)
INCOME BEFORE INCOME TAXES 504 576 1,080 913
INCOME TAXES 88 116 271 122
INCOME FROM CONTINUING OPERATIONS 416 460 809 791
Discontinued operations (Note 3) [2] 47 (6) 47 46
NET INCOME $ 463 $ 454 $ 856 $ 837
EARNINGS PER SHARE OF COMMON STOCK (Note 4):        
Basic - Continuing Operations (in dollars per share) $ 0.76 $ 0.85 $ 1.48 $ 1.46
Basic - Discontinued Operations (in dollars per share) 0.09 (0.01) 0.09 0.08
Basic - Earnings Per Share of Common Stock (in dollars per share) 0.85 0.84 1.57 1.54
Diluted - Continuing Operations (in dollars per share) 0.76 0.85 1.48 1.46
Diluted - Discontinued Operations (in dollars per share) 0.09 (0.01) 0.09 0.08
Diluted - Earnings Per Share to Common Stock (in dollars per share) $ 0.85 $ 0.84 $ 1.57 $ 1.54
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic, in shares 544 542 544 542
Diluted, in shares 545 543 545 543
Distribution Services and Retail Generation        
REVENUES:        
Revenues $ 2,550 $ 2,470 $ 6,882 $ 6,624
Transmission        
REVENUES:        
Revenues 411 408 1,223 1,185
Other        
REVENUES:        
Revenues $ 163 $ 144 $ 367 $ 444
[1] Includes excise and gross receipts tax collections of $103 million and $100 million during the three months ended September 30, 2021 and 2020, respectively, and $283 million and $276 million during the nine months ended September 30, 2021 and 2020, respectively.
[2] Net of income tax expense (benefits) of $(47) million for the three and nine months ended September 30, 2021, and $6 million and $(29) million for the three and nine months ended September 30, 2020, respectively.