Eversource 2002 Annual Report Download - page 40

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38
Consolidated Statements of Cash Flows
For the Years Ended December 31,
(Thousands of Dollars) 2002 2001 2000
Operating Activities:
Income before preferred dividends of subsidiaries $157,668 $ 273,191 $219,457
Adjustments to reconcile to net cash flows provided by operating activities:
Depreciation 205,646 201,013 239,798
Deferred income taxes and investment tax credits, net (149,325) (116,704) (16,117)
Amortization 461,544 983,037 276,821
Net amortization/(deferral) of recoverable energy costs 27,623 (2,005) (30,603)
Gain on sale of utility plant (187,113) (641,956) —
Cumulative effect of accounting change, net of tax —(22,432) —
Prepaid pension (96,492) (92,852) (138,877)
Net other sources/(uses) of cash 10,707 (65,064) 88,967
Changes in working capital:
Receivables and unbilled revenues, net (102,181) (301,068) (104,868)
Fuel, materials and supplies (27,590) 55,195 12,450
Accounts payable 153,450 100,277 171,148
Accrued taxes 114,296 (27,439) (128,107)
Investments in securitizable assets 27,459 61,779 9,474
Other working capital (excludes cash) 16,953 (76,366) 254
Net cash flows provided by operating activities 612,645 328,606 599,797
Investing Activities:
Investments in plant:
Electric, gas and other utility plant (468,842) (428,312) (345,596)
Competitive energy assets (23,150) (15,368) (7,140)
Nuclear fuel (465) (14,275) (61,286)
Cash flows used for investments in plant (492,457) (457,955) (414,022)
Investments in nuclear decommissioning trusts (9,876) (105,076) (39,550)
Net proceeds from the sale of utility plant 366,786 1,045,284 —
Buyout/buydown of IPP contracts (5,152) (1,157,172) —
Payment for acquisitions, net of cash acquired (16,351) (31,699) (260,347)
Other investment activities, net 15,234 (51,677) (28,478)
Net cash flows used in investing activities (141,816) (758,295) (742,397)
Financing Activities:
Issuance of common shares 7,458 1,751 4,269
Repurchase of common shares (57,800) (291,789) —
Issuance of long-term debt 310,648 703,000 26,477
Issuance of rate reduction bonds 50,000 2,118,400 —
Retirement of rate reduction bonds (169,039) (100,049) —
Net (decrease)/increase in short-term debt (234,500) (1,019,477) 961,977
Reacquisitions and retirements of long-term debt (314,773) (714,226) (685,555)
Reacquisitions and retirements of preferred stock — (60,768) (126,771)
Retirement of monthly income preferred securities — (100,000) —
Retirement of capital lease obligation — (180,000) —
Cash dividends on preferred stock (5,559) (7,249) (14,162)
Cash dividends on common shares (67,793) (60,923) (57,358)
Other financing activities, net (736) 37,660 (21,414)
Net cash flows (used in)/provided by financing activities (482,094) 326,330 87,463
Net decrease in cash and cash equivalents (11,265) (103,359) (55,137)
Cash and cash equivalents – beginning of year 96,658 200,017 255,154
Cash and cash equivalents – end of year $85,393 $ 96,658 $200,017
The accompanying notes are an integral part of these consolidated financial statements.