Dominion Power 2000 Annual Report Download - page 31

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29
For The Year Ended December 31,
(millions) 2000 1999 1998
Cash flows from (used in) operating activities:
Net income $ 436 $ 297 $ 548
Adjustments to reconcile net income to net cash from operating activities:
Cumulative effect of a change in accounting principle (21)
Restructuring and other acquisition related costs 124
DCI impairment losses 292
Extraordinary item, net of income taxes 255
Impairment of regulatory assets 159
Gains on sales of subsidiaries (23) (332)
Depreciation and amortization 1,268 798 814
Deferred income taxes 22 64 22
Deferred fuel expense (33) (35) (34)
Changes in current assets and liabilities:
Accounts receivable (842) 81 (90)
Inventories (62) (6) (24)
Unrecovered gas costs (217)
Purchase and origination of mortgages (4,281) (2,575) (2,503)
Proceeds from sale and principal collections of mortgages 4,295 2,597 2,450
Accounts payable, trade 674 (24) 65
Accrued interest and taxes 139 (48) 100
Commodity contract assets and liabilities (32) (92) 66
Net assets held for sale (24)
Other (372) (57) (16)
Net cash flows from operating activities 1,343 1,255 1,225
Cash flow from (used in) investing activities:
Plant construction and other property additions (1,385) (871) (739)
Acquisition of exploration and production assets (353) (90) (96)
Loan originations (2,911) (2,581) (2,580)
Repayments of loan originations 4,255 2,238 1,778
Sale of businesses, including East Midlands 836 180 1,462
Sale of marketable securities 137 35 70
Purchase of debt securities (235) (53) (120)
Acquisitions of businesses (2,779) (167) (338)
Other investments (140) (152) (75)
Other (22) (81) (30)
Net cash flow used in investing activities (2,597) (1,542) (668)
Cash flow from (used in) financing activities:
Issuance of common stock 532 354
Repurchase of common stock (1,641) (372) (99)
Issuance (repayment) of short-term debt 1,820 394 65
Issuance of long-term debt 8,108 6,446 4,027
Repayment of long-term debt (6,813) (5,790) (4,207)
Common dividend payments (615) (493) (503)
Other (57) (44) (90)
Net cash flow from (used in) financing activities 1,334 141 (453)
Increase (decrease) in cash and cash equivalents 80 (146) 104
Cash and cash equivalents at beginning of the year 280 426 322
Cash and cash equivalents at end of the year $ 360 $ 280 $ 426
Supplemental cash flow information:
Cash paid during the year for:
Interest, excluding capitalized amounts $ 988 $ 522 $ 474
Income taxes 240 199 202
Non-cash transactions from investing and financing activities:
Common stock issuance
—
CNG acquisition 3,527
Note received in sale of business 260 26
Exchange of securities 57
The accompanying notes are an integral part of the Consolidated Financial Statements.
Consolidated Statements of Cash Flows