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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net (loss)/income $ (202) $ 1,221 $ 2,187
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in and distributions from (earnings)/losses of unconsolidated affiliates (6) 7 20
Depreciation and amortization 1,127 634 785
Accretion of asset retirement obligations 27 55 30
Provision for credit losses 251 11 698
Amortization of nuclear fuel 47 54 51
Amortization of financing costs and debt discounts 52 23 39
(Gain)/Loss on debt extinguishment (109) 0 77
Amortization of in-the-money contracts and emissions allowances 137 158 106
Amortization of unearned equity compensation 101 28 21
Net gain on sale of assets and disposal of assets (1,559) (102) (261)
Impairment losses 128 206 544
Changes in derivative instruments 2,455 (3,221) (3,626)
Changes in deferred income taxes and liability for uncertain tax benefits (92) 382 604
Changes in collateral deposits in support of risk management activities (1,806) 896 797
Changes in nuclear decommissioning trust liability 0 9 40
Uplift securitization proceeds received/(receivable) from ERCOT 0 689 (689)
Cash (used)/provided by changes in other working capital, net of acquisition and disposition effects:      
Accounts receivable - trade 840 (1,560) (1,232)
Inventory 189 (252) (61)
Prepayments and other current assets (233) 17 31
Accounts payable (1,455) 1,295 476
Accrued expenses and other current liabilities 360 (29) (55)
Other assets and liabilities (473) (161) (89)
Cash (used)/provided by operating activities (221) 360 493 Close
Cash Flows from Investing Activities      
Payments for acquisitions of businesses and assets, net of cash acquired (2,523) (62) (3,559)
Capital expenditures (598) (367) (269)
Net purchases of emissions allowances (24) (6) 0
Investments in nuclear decommissioning trust fund securities (367) (454) (751)
Proceeds from sales of nuclear decommissioning trust fund securities 355 448 710
Proceeds from sale of assets, net of cash disposed 2,007 109 830
Proceeds from insurance recoveries for property, plant and equipment, net 240 0 0
Cash used by investing activities (910) (332) (3,039) Close
Cash Flows from Financing Activities      
Proceeds from issuance of preferred stock, net of fees 635 0 0
Net receipts from settlement of acquired derivatives that include financing elements 342 1,995 938
Payments for share repurchase activity [1] (1,172) (606) (48)
Payments of dividends to preferred and common stockholders (381) (332) (319)
Proceeds from issuance of long-term debt 731 0 1,100
Payments for short and long-term debt (523) (5) (1,861)
Payments for debt extinguishment costs 0 0 (65)
Payments of debt issuance costs (32) (9) (18)
Proceeds from issuance of common stock 0 0 1
Proceeds from credit facilities 3,020 0 1,415
Repayments to credit facilities (3,020) 0 (1,415)
Cash (used)/provided by financing activities (400) 1,043 (272) Close
Effect of exchange rate changes on cash and cash equivalents 2 (3) (2) Close
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash (1,529) 1,068 (2,820) Close
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period 2,178 1,110 3,930
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period $ 649 $ 2,178 $ 1,110
[1] Includes $(22) million, $(6) million and $(9) million of equivalent shares purchased in lieu of tax withholdings on equity compensation issuances for the years ended December 31, 2023, 2022 and 2021, respectively