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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 2,112 $ 1,971
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 790 509
Equity in net earnings from investments (256) (132)
Distributions received from unconsolidated affiliates 252 134
Deferred income taxes 570 599
Medford settlement gain 0 (779)
Medford settlement proceeds 0 502
Other, net 42 79
Changes in assets and liabilities:    
Accounts receivable 461 153
Inventories, net of commodity imbalances 28 (104)
Accounts payable (245) 38
Other assets and liabilities, net (477) (57)
Cash provided by operating activities 3,277 2,913
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (1,459) (992)
Cash paid for acquisitions, net of cash received (408) (5,008)
Purchases of and contributions to unconsolidated affiliates (102) (111)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 55 18
Medford settlement proceeds 0 328
Other, net 82 6
Cash used in investing activities (1,832) (5,759)
Financing activities    
Dividends paid (1,734) (1,283)
Issuance of long-term debt, net of discounts 6,982 5,298
Debt financing costs (67) (71)
Repayment of long-term debt (484) (1,040)
Other, net (16) 6
Cash provided by financing activities 4,681 2,910
Change in cash and cash equivalents 6,126 64
Cash and cash equivalents at beginning of period 338 220
Cash and cash equivalents at end of period [1] $ 6,464 $ 284
[1] Includes cash held for acquisitions, which is included within other assets on our Consolidated Balance Sheet as of Sept. 30, 2024.