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52
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2005 2004 2003
Operating Activities:
Net (loss)/income $(253,488) $116,588 $ 116,411
Adjustments to reconcile to net cash flows provided by operating activities:
Wholesale contract market changes, net 440,946 — —
Restructuring and impairment charges 67,181 — —
Bad debt expense 27,528 19,062 23,229
Depreciation 235,221 224,855 204,388
Deferred income taxes (202,789) 111,710 (129,733)
Amortization 202,949 138,271 191,805
Amortization of rate reduction bonds 176,356 164,915 153,172
Amortization/(deferral) of recoverable energy costs 39,914 (22,751) 20,486
Pension expense/(income) 42,662 10,636 (16,416)
Wholesale contract buyout payments (186,531) — —
Regulatory (refunds)/overrecoveries (65,236) (150,119) 287,974
Derivative assets and liabilities – changes in fair value 2,405 85,592 (12,175)
Deferred contractual obligations (89,464) (56,161) (52,961)
Other non-cash adjustments 48,477 (30,053) (60,719)
Other sources of cash 5,528 26,596 5,950
Other uses of cash —(10,189) (51,386)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net (208,519) (103,983) 39,322
Fuel, materials and supplies (17,848) (31,104) (34,223)
Investments in securitizable assets (113,410) 27,074 12,443
Other current assets (11,061) (38,648) 121,249
Accounts payable 131,043 124,437 (36,380)
Counterparty deposits (28,706) 11,154 46,496
Accrued taxes 156,630 (112,300) (83,625)
Other current liabilities 41,416 (44,935) (56,357)
Net cash flows provided by operating activities 441,204 460,647 688,950
Investing Activities:
Investments in property and plant:
Electric, gas and other utility plant (752,124) (653,948) (539,424)
Competitive energy assets (23,231) (17,527) (18,686)
Cash flows used for investments in property and plant (775,355) (671,475) (558,110)
Net proceeds from sale of property 31,456 — —
Proceeds from sales of investment securities 137,099 106,217 34,147
Purchases of investment securities (142,260) (171,511) (49,729)
Restricted cash – LMP costs —93,630 (93,630)
CVEC acquisition special deposit ——(30,104)
Other investing activities 49,515 7,721 3,864
Net cash flows used in investing activities (699,545) (635,418) (693,562)
Financing Activities:
Issuance of common shares 450,827 10,937 13,654
Repurchase of common shares ——(20,537)
Issuance of long-term debt 350,355 512,762 268,368
Retirement of rate reduction bonds (195,988) (183,470) (169,352)
(Decrease)/increase in short-term debt (148,000) 75,000 49,000
Reacquisitions and retirements of long-term debt (98,056) (155,532) (65,600)
Cash dividends on common shares (87,554) (80,177) (73,090)
Other financing activities (14,450) (1,132) (4,792)
Net cash flows provided by/(used in) financing activities 257,134 178,388 (2,349)
Net (decrease)/increase in cash and cash equivalents (1,207) 3,617 (6,961)
Cash and cash equivalents – beginning of year 46,989 43,372 50,333
Cash and cash equivalents – end of year $45,782 $46,989 $43,372
The accompanying notes are an integral part of these consolidated financial statements.