Allegheny Power 2014 Annual Report Download - page 79

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64
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(In millions) 2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 299 $ 392 $ 771
Adjustments to reconcile net income to net cash from operating activities-
Provision for depreciation 1,220 1,202 1,119
Asset removal costs charged to income 28 20 203
Amortization (deferral) of regulatory assets, net 12 539 (68)
Nuclear fuel amortization 220 209 210
Amortization of deferred costs on sale leaseback transaction, net 48 48 48
Amortization of customer intangibles & deferred advertising costs 60 18 18
Deferred purchased power and other costs (115) (76) (238)
Deferred income taxes and investment tax credits, net 162 243 647
Impairments of long-lived assets — 795 —
Investment impairments 37 90 27
Pension and OPEB mark-to-market adjustment 835 (256) 609
Retirement benefits (53) (168) (127)
Gain on asset sales — (21) (17)
Commodity derivative transactions, net (Note 10) 64 (3) (102)
Pension trust contributions — — (600)
Gain on sale of investment securities held in trusts (64) (56) (71)
Loss on debt redemptions 8 132 —
Make-whole premiums paid on debt redemptions — (187) —
Lease payments on sale and leaseback transaction (137) (136) (186)
Income from discontinued operations (Note 19) (86) (17) (16)
Changes in current assets and liabilities-
Receivables 139 (114) (13)
Materials and supplies (65) 96 (50)
Prepayments and other current assets 126 (126) (12)
Accounts payable 42 (25) 100
Accrued taxes (165) 85 (2)
Accrued interest 31 (10) (12)
Accrued compensation and benefits (22) 19 (55)
Cash collateral, net (54) (36) 12
Other 143 5 125
Net cash provided from operating activities 2,713 2,662 2,320
CASH FLOWS FROM FINANCING ACTIVITIES:
New Financing-
Long-term debt 4,528 3,745 750
Short-term borrowings, net — 1,435 1,969
Redemptions and Repayments-
Long-term debt (1,759) (3,600) (940)
Short-term borrowings, net (1,605) — —
Tender premiums paid on debt redemptions — (110) —
Common stock dividend payments (604) (920) (920)
Other (47) (73) (52)
Net cash provided from financing activities 513 477 807
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (3,312) (2,638) (2,678)
Nuclear fuel (233) (250) (286)
Proceeds from asset sales 394 4 17
Sales of investment securities held in trusts 2,133 2,047 2,980
Purchases of investment securities held in trusts (2,236) (2,096) (3,020)
Cash investments 35 (23) 102
Asset removal costs (153) (146) (229)
Other 13 9 (43)
Net cash used for investing activities (3,359) (3,093) (3,157)
Net change in cash and cash equivalents (133) 46 (30)
Cash and cash equivalents at beginning of period 218 172 202
Cash and cash equivalents at end of period $ 85 $ 218 $ 172
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid (received) during the year -
Interest (net of amounts capitalized) $ 931 $ 969 $ 962
Income taxes (received), net of refunds $ (103) $ 36 $ (6)
The accompanying Combined Notes to Consolidated Financial Statements are an integral part of these financial statements.