Eversource 2004 Annual Report Download - page 54

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52
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2004 2003 2002
Operating Activities: (Restated)*
Income before preferred dividends of subsidiary $ 122,147 $ 126,711 $ 157,668
Adjustments to reconcile to net cash flows
provided by operating activities:
Bad debt expense 19,062 23,229 16,590
Depreciation 224,855 204,388 205,646
Deferred income taxes and investment tax credits, net 111,710 (129,733) (156,780)
Amortization 138,271 191,805 320,409
Amortization of rate reduction bonds 164,915 153,172 148,589
(Deferral)/amortization of recoverable energy costs (22,751) 20,486 27,623
Gain on sale of utility plant —— (187,113)
Pension expense/(income) 10,636 (16,416) (47,192)
Cumulative effect of accounting change —(4,741) —
Regulatory (refunds)/overrecoveries (150,119) 287,974 27,061
Mark-to-market on natural gas contracts 48,346 — —
Other sources of cash 51,213 20,002 94,039
Other uses of cash (114,210) (192,097) (170,671)
Changes in current assets and liabilities:
Restricted cash — LMP costs 93,630 (93,630) —
Receivables and unbilled revenues, net (103,983) 39,322 (118,771)
Fuel, materials and supplies (31,104) (34,223) (27,590)
Investments in securitizable assets 27,074 12,443 27,459
Natural gas mark-to-market deposit (77,607) — —
Other current assets (109,235) 8,285 57,885
Accounts payable 96,784 (30,866) 166,298
Accrued taxes (50,880) (83,625) 107,134
Other current liabilities 68,313 90,928 (32,505)
Net cash flows provided by operating activities 517,067 593,414 615,779
Investing Activities:
Investments in property and plant:
Electric, gas and other utility plant (626,173) (545,917) (489,528)
Competitive energy assets (17,649) (17,707) (21,010)
Cash flows used for investments in property and plant (643,822) (563,624) (510,538)
Investments in nuclear decommissioning trusts —— (9,876)
Net proceeds from sale of utility plant —— 366,786
Buyout/buydown of IPP contracts —(20,437) (5,152)
Investment in prior spent nuclear fuel trust (49,296) — —
Payment for acquisitions, net of cash acquired —— (16,351)
CVEC acquisition special deposit —(30,104) —
Other investment activities 23,131 21,698 14,769
Net cash flows used in investing activities (669,987) (592,467) (160,362)
Financing Activities:
Issuance of common shares 10,937 13,654 7,458
Repurchase of common shares —(20,537) (57,800)
Issuance of long-term debt 512,762 268,368 310,648
Issuance of rate reduction bonds —— 50,000
Retirement of rate reduction bonds (183,470) (169,352) (169,039)
Increase/(decrease) in short-term debt 75,000 49,000 (234,500)
Reacquisitions and retirements of long-term debt (155,532) (65,600) (314,773)
Cash dividends on preferred stock of subsidiaries (5,559) (5,559) (5,559)
Cash dividends on common shares (80,177) (73,090) (67,793)
Other financing activities (17,424) (4,792) (736)
Net cash flows provided by/(used in) financing activities 156,537 (7,908) (482,094)
Net increase/(decrease) in cash and cash equivalents 3,617 (6,961) (26,677)
Cash and cash equivalents — beginning of period 43,372 50,333 77,010
Cash and cash equivalents — end of period $ 46,989 $ 43,372 $ 50,333
* See Note 16.
The accompanying notes are an integral part of these consolidated financial statements.