Dominion Power 2007 Annual Report Download - page 69

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Consolidated Statements of Cash Flows
Year Ended December 31, 2007 2006 2005
(millions)
Operating Activities
Net income $ 2,539 $ 1,380 $ 1,033
Adjustments to reconcile net income to net cash from operating activities:
Gain on sale of non-Appalachian E&P business (3,826) ——
Impairment of merchant generation assets 387 253 —
Charges associated with early retirement of debt 242 ——
Extraordinary item, net of income taxes 158 ——
Charges related to the termination of volumetric production payment agreements 139 ——
Dominion Capital, Inc. impairment losses 88 89 35
Charges related to planned sale of gas distribution subsidiaries —188 —
Net realized and unrealized derivative (gains) losses (245) (242) 335
Depreciation, depletion and amortization 1,533 1,739 1,538
Deferred income taxes and investment tax credits, net (1,285) 510 64
Gain on sale of emissions allowances held for consumption (20) (74) (139)
Other adjustments 23 (31) 84
Changes in:
Accounts receivable 294 684 (791)
Inventories 52 3 (220)
Deferred fuel and purchased gas costs, net (349) 239 (57)
Accounts payable (190) (526) 686
Accrued interest, payroll and taxes 159 92 147
Deferred revenue (71) (262) (323)
Margin deposit assets and liabilities 63 (7) 124
Other operating assets and liabilities 63 (30) 107
Net cash provided by (used in) operating activities (246) 4,005 2,623
Investing Activities
Plant construction and other property additions (2,177) (1,995) (1,683)
Additions to gas and oil properties, including acquisitions (1,795) (2,057) (1,675)
Proceeds from sales of gas and oil properties 12 393 595
Proceeds from sale of merchant generation facilities 339 ——
Proceeds from sale of non-Appalachian E&P business 13,877 ——
Acquisition of businesses — (91) (877)
Proceeds from sales of securities and loan receivable collections and payoffs 1,285 1,110 754
Purchases of securities and loan receivable originations (1,355) (1,196) (854)
Proceeds from sale of emissions allowances held for consumption 11 76 234
Proceeds from sale or disposal of other assets and investments 30 150 17
Other (35) 116 129
Net cash provided by (used in) investing activities 10,192 (3,494) (3,360)
Financing Activities
Issuance (repayment) of short-term debt, net (575) 713 1,045
Issuance of long-term debt 2,675 2,450 2,300
Repayment of long-term debt, including redemption premiums (5,012) (2,333) (2,237)
Repayment of affiliated notes payable (440) (300) —
Issuance of common stock 226 479 664
Repurchase of common stock (5,768) (540) (276)
Common dividend payments (931) (970) (923)
Other 24 (14) (51)
Net cash provided by (used in) financing activities (9,801) (515) 522
Increase (decrease) in cash and cash equivalents 145 (4) (215)
Cash and cash equivalents at beginning of year 142 146 361
Cash and cash equivalents at end of year(1) $ 287 $ 142 $ 146
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest and related charges, excluding capitalized amounts $ 1,021 $ 920 $ 1,007
Income taxes 3,155 432 399
Significant noncash investing and financing activities:
Accrued capital expenditures 58 258 220
Assumption of debt related to acquisitions of nonutility generating facilities ——62
Dominion Capital, Inc. exchange of notes —— 258
(1) 2007 and 2006 amounts include $4 million of cash classified as held for sale in the Consolidated Balance Sheets.
The accompanying notes are an integral part of our Consolidated Financial Statements.
Dominion 2007 Annual Report 67