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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 1,049 $ 391
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 162 154
Equity in net earnings from investments (40) (36)
Distributions received from unconsolidated affiliates 43 36
Deferred income taxes 285 111
Gain on Business Interruption Insurance Recovery (779) 0
Medford Settlement Proceeds 502 0
Other, net 18 25
Changes in assets and liabilities:    
Accounts receivable 329 (244)
NGLs and natural gas in storage, net of commodity imbalances 20 (47)
Accounts payable (237) 385
Accrued interest (96) (99)
Risk-management assets and liabilities 26 (119)
Other assets and liabilities, net (61) (94)
Cash provided by operating activities 1,221 463
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (289) (257)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 8 10
Medford Settlement Proceeds 328 0
Other, net 0 3
Cash provided by (used in) investing activities 47 (244)
Financing activities    
Dividends paid (427) (417)
Short-term borrowings, net 0 78
Issuance of long-term debt, net of discounts 50 0
Repayment of long-term debt (425) 0
Other, net (6) (11)
Cash used in financing activities (808) (350)
Change in cash and cash equivalents 460 (131)
Cash and cash equivalents at beginning of period 220 146
Cash and cash equivalents at end of period $ 680 $ 15