Table of Contents Index to Financial Statements (in millions) Parent Guarantors Non- Guarantors Eliminations Consolidated Year ended December 31, 2017 Net cash provided by (used in) operating activities $ 1,019  $ 1,327  $ —  $ (1,249) $ 1,097  Investing activities: Capital investments (13) (1,250) (5) —  (1,268) Proceeds from the sale of property and equipment 1  9  —  —  10  Other 1  5  —  —  6  Net cash used in investing activities (11) (1,236) (5) —  (1,252) Financing activities Intercompany activities (1,158) (96) 5  1,249  —  Payments on short-term debt (328) —  —  —  (328) Payments on long-term debt (1,139) —  —  —  (1,139) Proceeds from issuance of long-term debt 1,150  —  —  —  1,150  Change in bank drafts outstanding 9  —  —  —  9  Debt issuance costs (24) —  —  —  (24) Cash paid for tax withholding (2) —  —  —  (2) Preferred stock dividend (16) —  —  —  (16) Other (2) —  —  —  (2) Net cash provided by (used in) financing activities (1,510) (96) 5  1,249  (352) Decrease in cash and cash equivalents (502) (5) —  —  (507) Cash and cash equivalents at beginning of year 1,416  7  —  —  1,423  Cash and cash equivalents at end of year $ 914  $ 2  $ —  $ —  $ 916  On February 4, 2020, the Company notified employees of a workforce reduction plan as a result of a strategic realignment of its organizational structure. Affected employees were offered a severance package, which included a one-time cash payment depending on length of service and, if applicable, the current value of a portion of their unvested long-term incentive awards that were forfeited. The plan is expected to be substantially implemented by the end of the first quarter of 2020. The Company expects to record a pre-tax charge to earnings of approximately $9 million in the first quarter of 2020 related to the severance payments. The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018: 127 (in millions, except share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2019 Operating revenues $ 990  $ 667  $ 636  $ 745  Operating income (loss) 213  22  (29) 64  Net income attributable to common stock 594  138  49  110  Earnings per share – Basic 1.10  0.26  0.09  0.20  Earnings per share – Diluted 1.10  0.26  0.09  0.20  2018 Operating revenues $ 920  $ 816  $ 951  $ 1,175  Operating income 255  124  66  352  Net income (loss) attributable to common stock 205  51  (29) 307  Earnings (loss) per share – Basic 0.36  0.09  (0.05) 0.54  Earnings (loss) per share – Diluted 0.36  0.09  (0.05) 0.54  SUPPLEMENTAL QUARTERLY RESULTS (UNAUDITED) (17) SUBSEQUENT EVENTS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS