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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net (Loss)/Income $ (684) $ 2,316
Adjustments to reconcile net (loss)/income to cash (used)/provided by operating activities:    
Equity in and distributions from (earnings)/losses of unconsolidated affiliates (16) 7
Depreciation and amortization 813 485
Accretion of asset retirement obligations 14 20
Provision for credit losses 165 103
Amortization of nuclear fuel 42 42
Amortization of financing costs and debt discounts 42 17
Amortization of in-the-money contracts and emissions allowances 111 122
Amortization of unearned equity compensation 87 21
Net gain on sale of assets and disposal of assets (187) (82)
Impairment losses 0 198
Changes in derivative instruments 1,553 (4,480)
Changes in current and deferred income taxes and liability for uncertain tax benefits (225) 688
Changes in collateral deposits in support of risk management activities (1,188) 2,321
Changes in nuclear decommissioning trust liability (4) 2
Uplift securitization proceeds received from ERCOT 0 689
Changes in other working capital (985) (711)
Cash (used)/provided by operating activities (462) 1,758 Close
Cash Flows from Investing Activities    
Payments for acquisitions of businesses and assets, net of cash acquired (2,502) (60)
Capital expenditures (493) (250)
Net purchases of emissions allowances (25) (4)
Investments in nuclear decommissioning trust fund securities (293) (361)
Proceeds from the sale of nuclear decommissioning trust fund securities 280 363
Proceeds from sales of assets, net of cash disposed 229 107
Proceeds from insurance recoveries for property, plant and equipment, net 173 0
Cash used by investing activities (2,631) (205) Close
Cash Flows from Financing Activities    
Proceeds from issuance of preferred stock, net of fees 635 0
Payments of dividends to preferred and common stockholders (295) (252)
Payments for share repurchase activity [1] (69) (484)
Net receipts from settlement of acquired derivatives that include financing elements 332 1,596
Net proceeds of Revolving Credit Facility 300 0
Proceeds from issuance of long-term debt 731 0
Payments of debt issuance costs (29) (1)
Repayments of long-term debt and finance leases (15) (4)
Cash provided by financing activities 1,590 855 Close
Effect of exchange rate changes on cash and cash equivalents 0 (5) Close
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash (1,503) 2,403 Close
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 2,178 1,110
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 675 $ 3,513
[1] ncludes $(19) million and $(6) million of equivalent shares purchased in lieu of tax withholdings on equity compensation issuances during the nine months ended September 30, 2023 and September 30, 2022, respectively