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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating activities      
Net income $ 660.0 $ 588.0 $ 578.0
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 754.0 656.0 607.0
Deferred income taxes 21.0 2.0 97.0
Amortization of investment tax credits 11.0 0.0 0.0
Allowance for equity funds used during construction (28.0) (35.0) (22.0)
Provision for bad debts 26.0 24.0 17.0
Net realized and unrealized hedging and derivative transactions (44.0) (14.0) 62.0
Changes in operating assets and liabilities:      
Accounts receivable (58.0) (51.0) (22.0)
Accrued unbilled revenues (52.0) (5.0) 20.0
Inventories (71.0) (27.0) (27.0)
Prepayments and other (23.0) (8.0) (29.0)
Accounts payable 66.0 (14.0) (44.0)
Net regulatory assets and liabilities (526.0) 58.0 35.0
Other current liabilities 30.0 45.0 0.0
Pension and other employee benefit obligations (53.0) (41.0) (47.0)
Other, net 14.0 (4.0) 3.0
Net cash provided by operating activities 727.0 1,174.0 1,228.0
Investing activities      
Utility capital/construction expenditures (1,604.0) (1,671.0) (1,691.0)
Investments in utility money pool arrangement (273.0) (122.0) (641.0)
Repayments from utility money pool arrangement 273.0 122.0 641.0
Net cash used in investing activities (1,604.0) (1,671.0) (1,691.0)
Financing activities      
Proceeds from (repayments of) short-term borrowings, net 11.0 136.0 (307.0)
Borrowings under utility money pool arrangement 743.0 1,189.0 100.0
Repayments under utility money pool arrangement (800.0) (1,171.0) (61.0)
Proceeds from issuance of long-term debt 737.0 735.0 928.0
Repayments of long-term debt 0.0 (400.0) (400.0)
Capital contributions from parent 650.0 856.0 638.0
Dividends paid to parent (467.0) (831.0) (457.0)
Net cash provided by financing activities 874.0 514.0 441.0
Net change in cash and cash equivalents (3.0) 17.0 (22.0)
Cash, cash equivalents and restricted cash at beginning of period 28.0 11.0 33.0
Cash, cash equivalents and restricted cash at end of period 25.0 28.0 11.0
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of amounts capitalized) (230.0) (211.0) (209.0)
Cash paid for income taxes, net (14.0) (23.0) (5.0)
Supplemental disclosure of non-cash investing and financing transactions:      
Accrued property, plant and equipment additions 157.0 197.0 234.0
Inventory transfers to property, plant and equipment 10.0 35.0 32.0
Operating lease right-of-use assets 0.0 14.0 654.0
Allowance for equity funds used during construction 28.0 35.0 22.0
Net income 660.0 588.0 578.0
Depreciation, Amortization and Accretion, Net 754.0 656.0 607.0
Deferred Income Tax Expense (Benefit) 21.0 2.0 97.0
Amortization of investment tax credits 11.0 0.0 0.0
Allowance for funds used during construction — equity 28.0 35.0 22.0
Provision for bad debts 26.0 24.0 17.0
Gain (loss) on hedging and derivative transactions 44.0 14.0 (62.0)
Increase (Decrease) in Accounts and Other Receivables 58.0 51.0 22.0
Increase (Decrease) in Accrued Unbilled Revenues 52.0 5.0 (20.0)
Increase (Decrease) in Inventories 71.0 27.0 27.0
Increase (Decrease) in Prepaid Expense and Other Assets 23.0 8.0 29.0
Increase (Decrease) in Accounts Payable 66.0 (14.0) (44.0)
Increase (Decrease) in Regulatory Assets and Liabilities 526.0 (58.0) (35.0)
Increase (Decrease) in Other Current Liabilities 30.0 45.0 0.0
Increase (Decrease) in Employee Related Liabilities (53.0) (41.0) (47.0)
Other, net 14.0 (4.0) 3.0
Net Cash Provided by (Used in) Operating Activities 727.0 1,174.0 1,228.0
Payments to Acquire Productive Assets 1,604.0 1,671.0 1,691.0
Investments In Utility Money Pool Arrangement 273.0 122.0 641.0
Repayments From Utility Money Pool Arrangement 273.0 122.0 641.0
Net Cash Provided by (Used in) Investing Activities (1,604.0) (1,671.0) (1,691.0)
Proceeds from (repayments of) short-term borrowings, net 11.0 136.0 (307.0)
Borrowings Under Utility Money Pool Arrangement 743.0 1,189.0 100.0
Repayments Under Utility Money Pool Arrangement 800.0 1,171.0 61.0
Proceeds from issuance of long-term debt 737.0 735.0 928.0
Repayments of Long-term Debt 0.0 400.0 400.0
Capital contributions from parent 650.0 856.0 638.0
Payments of Ordinary Dividends, Common Stock 467.0 831.0 457.0
Net Cash Provided by (Used in) Financing Activities 874.0 514.0 441.0
Net change in cash and cash equivalents (3.0) 17.0 (22.0)
Cash, cash equivalents and restricted cash at end of period 25.0 28.0 11.0
Interest Paid, Excluding Capitalized Interest, Operating Activities 230.0 211.0 209.0
Income Taxes Paid, Net 14.0 23.0 5.0
Accrued property, plant and equipment additions 157.0 197.0 234.0
Inventory transfers to property, plant and equipment 10.0 35.0 32.0
Operating lease right-of-use assets 0.0 14.0 654.0
Allowance for equity funds used during construction $ 28.0 $ 35.0 $ 22.0