v3.25.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 37	$ 24
Investment in equity securities	579	561
Accounts receivable, less allowance for credit losses	787	717
Accrued unbilled revenue, less allowance for credit losses	448	521
Natural gas and coal inventory	233	173
Materials and supplies	549	541
Taxes receivable	59	121
Current assets held for sale	0	1,361
Regulatory assets	156	239
Prepaid expenses and other current assets	101	123
Total current assets	2,949	4,381
Property, Plant and Equipment, Net:
Property, plant and equipment	45,578	42,667
Less: accumulated depreciation and amortization	11,031	10,578
Property, plant and equipment, net	34,547	32,089
Other Assets:
Goodwill	3,943	3,943
Regulatory assets	3,371	3,108
Other non-current assets	239	247
Total other assets	7,553	7,298
Total Assets	45,049	43,768
Current Liabilities:
Short-term borrowings	500	500
Current portion of VIE Securitization Bonds long-term debt	29	13
Indexed debt, net	1	2
Current portion of other long-term debt	2,373	51
Indexed debt securities derivative	635	619
Accounts payable	968	1,320
Taxes accrued	275	329
Interest accrued	247	274
Dividends accrued	144	143
Customer deposits	95	93
Current liabilities held for sale	0	176
Other current liabilities	476	525
Total current liabilities	5,743	4,045
Other Liabilities:
Deferred income taxes, net	4,546	4,389
Benefit obligations	460	550
Regulatory liabilities	3,085	2,999
Other non-current liabilities	780	722
Total other liabilities	8,871	8,660
Long-term Debt, Net:
VIE Securitization Bonds, net	681	308
Other long-term debt, net	18,719	20,089
Total long-term debt, net	19,400	20,397
Commitments and Contingencies (Note 11)
Shareholders’ Equity:
Common stock	6	6
Additional paid-in capital	9,119	9,105
Retained earnings	1,929	1,572
Accumulated other comprehensive loss	(19)	(17)
Total shareholders’ equity	11,035	10,666
Total Liabilities and Shareholders’ Equity	$ 45,049	$ 43,768
Common stock, outstanding (in shares)	652,865,523	651,727,276

Sum of the carrying amounts as of the balance sheet date of assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer, excluding property, plant and equipment.

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