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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 694.7 $ 656.2
Reconciliation to cash provided by operating activities    
Depreciation and amortization 481.6 456.3
Deferred income taxes and investment tax credits, net 143.5 96.1
Contributions and payments related to pension and OPEB plans (6.6) (8.3)
Equity income in transmission affiliates, net of distributions (20.1) (9.4)
Change in –    
Accounts receivable and unbilled revenues 215.4 267.9
Materials, supplies, and inventories 82.1 87.0
Other current assets 62.5 20.0
Accounts payable (188.3) (222.7)
Other current liabilities (67.2) (55.1)
Other, net (18.0) 3.2
Net cash provided by operating activities 1,379.6 1,291.2
Investing activities    
Capital expenditures (1,037.2) (855.2)
Acquisition of Upstream, net of cash and restricted cash acquired of $9.2 0.0 (268.2)
Capital contributions to transmission affiliates (9.0) (21.9)
Proceeds from the sale of assets and businesses 2.1 30.0
Proceeds from the sale of investments held in rabbi trust 17.1 0.1
Reimbursement for ATC's construction costs 0.0 32.4
Proceeds from cash surrender value of life insurance 8.3 8.8
Other, net 12.5 7.6
Net cash used in investing activities (1,006.2) (1,066.4)
Financing activities    
Exercise of stock options 20.3 50.1
Purchase of common stock (50.3) (106.3)
Dividends paid on common stock (399.0) (372.3)
Issuance of long-term debt 110.0 350.0
Retirement of long-term debt (418.2) (17.3)
Issuance of short-term loan 340.0 0.0
Change in other short-term debt 40.7 (177.4)
Purchase of additional ownership interest in Upstream from noncontrolling interest (31.0) 0.0
Other, net (5.8) (7.0)
Net cash used in financing activities (393.3) (280.2)
Net change in cash, cash equivalents, and restricted cash (19.9) (55.4)
Cash, cash equivalents, and restricted cash at beginning of period 82.3 146.1
Cash, cash equivalents, and restricted cash at end of period $ 62.4 $ 90.7