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56 NU 2006 ANNUAL REPORT
For the Years Ended December 31,
(Thousands of Dollars) 2006 2005 2004
Operating Activities:
Net income/(loss) $470,578 $(253,488) $116,588
Adjustments to reconcile to net cash flows provided by operating activities:
Pre-tax (gain)/loss on sale of discontinued operations (502,653) 1,123 —
Restructuring and impairment charges (2,282) 67,181 —
Bad debt expense 29,366 27,528 19,062
Depreciation 243,822 237,463 226,906
Deferred income taxes (204,212) (202,789) 111,710
Amortization 16,292 202,949 138,271
Amortization of rate reduction bonds 188,247 176,356 164,915
Amortization/(deferral) of recoverable energy costs 15,609 39,914 (22,751)
Pension expense 38,677 42,662 10,636
Wholesale contract buyout payments —(186,531) —
Regulatory refunds (96,560) (65,236) (150,119)
Derivative assets and liabilities (98,685) 443,351 85,592
Deferred contractual obligations (90,671) (89,464) (56,161)
Other non-cash adjustments 22,675 45,112 (30,053)
Other sources of cash 10,655 5,528 24,545
Other uses of cash (10,134) — (10,189)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net 605,366 (208,519) (103,983)
Fuel, materials and supplies 16,718 (17,848) (31,104)
Investments in securitizable assets (158,651) (113,410) 27,074
Other current assets 58,350 46,462 (9,387)
Accounts payable (399,386) 131,043 124,437
Counterparty deposits and margin special deposits 26,469 (86,229) (18,107)
Accrued taxes/(taxes receivable) 271,477 156,630 (112,300)
Other current liabilities (43,993) 41,416 (44,935)
Net cash flows provided by operating activities 407,074 441,204 460,647
Investing Activities:
Investments in property and plant:
Electric, gas and other utility plant (846,396) (752,124) (653,948)
Competitive energy assets (25,785) (23,231) (17,527)
Cash flows used for investments in property and plant (872,181) (775,355) (671,475)
Net proceeds from sales of competitive businesses 1,053,099 31,456 —
Cash payments for sales of competitive businesses (32,359) ——
Proceeds from sales of investment securities 193,459 137,099 106,217
Purchases of investment securities (193,917) (142,260) (171,511)
Restricted cash – LMP costs —— 93,630
Rate reduction bond escrow (47,071) (6,421) 3,874
Other investing activities 16,034 55,936 3,847
Net cash flows provided by/(used in) investing activities 117,064 (699,545) (635,418)
Financing Activities:
Issuance of common shares 9,494 450,827 10,937
Issuance of long-term debt 250,000 350,355 512,762
Retirement of rate reduction bonds (173,344) (195,988) (183,470)
(Decrease)/increase in short-term debt (32,000) (148,000) 75,000
Reacquisitions and retirements of long-term debt (28,843) (98,056) (155,532)
Cash dividends on common shares (112,745) (87,554) (80,177)
Other financing activities (571) (14,450) (1,132)
Net cash flows (used in)/provided by financing activities (88,009) 257,134 178,388
Net increase/(decrease) in cash and cash equivalents 436,129 (1,207) 3,617
Cash and cash equivalents – beginning of year 45,782 46,989 43,372
Cash and cash equivalents – end of year $481,911 $ 45,782 $ 46,989
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS