Allegheny Power 2013 Annual Report Download - page 87

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72
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(In millions) 2013 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 392 $ 771 $ 869
Adjustments to reconcile net income to net cash from operating activities-
Provision for depreciation 1,202 1,119 1,062
Asset removal costs charged to income 20 203 55
Amortization of regulatory assets, net 539 307 474
Deferral of storm costs — (375) (145)
Nuclear fuel amortization 209 210 201
Deferred purchased power and other costs (76) (238) (278)
Deferred income taxes and investment tax credits, net 243 647 798
Impairments of long-lived assets 795 — 413
Investment impairments 90 27 19
Deferred rents and lease market valuation liability (54) (104) (49)
Pensions and OPEB mark-to-market adjustment (256) 609 507
Retirement benefits (168) (127) (151)
Gain on asset sales (21) (17) (545)
Commodity derivative transactions, net (Note 10) 4 (95) (27)
Pension trust contributions — (600) (372)
Cash collateral, net (42) 16 (79)
Gain on sale of investment securities held in trusts, net (56) (71) (59)
Loss on debt redemptions 132 — —
Make-whole premiums paid on debt redemptions (187) — —
Income from discontinued operations (Note 20) (17) (16) (13)
Decrease (increase) in operating assets-
Receivables (114) (13) 147
Materials and supplies 96 (50) 14
Prepayments and other current assets (126) (12) 101
Increase (decrease) in operating liabilities-
Accounts payable (25) 100 60
Accrued taxes 85 (2) 83
Accrued interest (10) (12) (12)
Accrued compensation and benefits 19 (55) 69
Other (12) 98 (79)
Net cash provided from operating activities 2,662 2,320 3,063
CASH FLOWS FROM FINANCING ACTIVITIES:
New Financing-
Long-term debt 3,745 750 604
Short-term borrowings, net 1,435 1,969 —
Redemptions and Repayments-
Long-term debt (3,600) (940) (1,909)
Short-term borrowings, net — — (700)
Tender premiums paid on debt redemptions (110) — —
Common stock dividend payments (920) (920) (881)
Other (73) (52) (38)
Net cash provided from (used for) financing activities 477 807 (2,924)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (2,638) (2,678) (2,129)
Nuclear fuel (250) (286) (149)
Proceeds from asset sales 4 17 840
Sales of investment securities held in trusts 2,047 2,980 4,207
Purchases of investment securities held in trusts (2,096) (3,020) (4,309)
Cash investments (23) 102 60
Cash received in Allegheny merger — — 590
Asset removal costs (146) (229) (114)
Other 9 (43) 48
Net cash used for investing activities (3,093) (3,157) (956)
Net change in cash and cash equivalents 46 (30) (817)
Cash and cash equivalents at beginning of period 172 202 1,019
Cash and cash equivalents at end of period $ 218 $ 172 $ 202
SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash transaction: common stock issued in merger with Allegheny $ — $ — $ 4,354
Cash paid (received) during the year -
Interest (net of amounts capitalized) $ 969 $ 962 $ 935
Income taxes $ 36 $ (6) $ (358)
The accompanying Combined Notes to Consolidated Financial Statements are an integral part of these financial statements.