OG&E 2011 Annual Report Download - page 49

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OGE Energy Corp. 47
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, year ended December 31) 2011 2010 2009
Cash flows from operating activities
Net income $÷÷363.6 $«300.4 $«261.1
Adjustments to reconcile net income to net cash provided from operating activities
Depreciation and amortization 307.1 291.3 262.6
Impairment of assets 6.3 1.1 3.1
Deferred income taxes and investment tax credits, net 166.0 146.4 269.8
Allowance for equity funds used during construction (20.4) (11.4) (15.1)
Gain on disposition and abandonment of assets (2.7) ––
Gain on insurance proceeds (3.0) ––
Stock-based compensation expense 7.8 7.4 4.1
Excess tax benefit on stock-based compensation –(0.7) (3.3)
Price risk management assets (1.7) 3.9 27.8
Price risk management liabilities 19.0 8.5 (88.7)
Regulatory assets 14.0 24.1 20.2
Regulatory liabilities (1.9) (12.4) (17.5)
Other assets (7.0) 6.3 (3.5)
Other liabilities (37.4) (37.0) (37.7)
Change in certain current assets and liabilities
Accounts receivable, net (48.0) 11.9 (3.3)
Accrued unbilled revenues (2.5) 0.4 (10.2)
Income taxes receivable (3.6) 153.0 (157.7)
Fuel, materials and supplies inventories 54.2 (45.2) (36.1)
Gas imbalance assets 0.7 0.7 3.0
Fuel clause under recoveries (0.8) (0.7) 23.7
Other current assets (7.2) (5.9) (1.4)
Accounts payable 34.5 59.2 (17.2)
Gas imbalance liabilities 3.1 (5.3) (12.9)
Fuel clause over recoveries (22.2) (157.6) 178.9
Other current liabilities 16.0 44.1 4.8
Net cash provided from operating activities 833.9 782.5 654.5
Cash flows from investing activities
Capital expenditures (less allowance for equity funds used during construction) (1,270.4) (879.9) (847.8)
Acquisition of gathering assets (200.4) ––
Reimbursement of capital expenditures 49.6 31.5 38.8
Proceeds from sale of assets 18.0 2.3 –
Proceeds from insurance 7.4 ––
Other investing activities ––0.5
Net cash used in investing activities (1,395.8) (846.1) (808.5)
Cash flows from financing activities
Proceeds from long-term debt 246.3 246.2 444.8
Contributions from noncontrolling interest partners 216.4 183.2 –
Proceeds from line of credit 150.0 115.0 80.0
Increase (decrease) in short-term debt 132.1 (30.0) (123.0)
Issuance of common stock 14.8 16.9 79.6
Excess tax benefit on stock-based compensation –0.7 3.3
Retirement of long-term debt –(289.2) (110.8)
Purchase of treasury stock (6.2) ––
Distributions to noncontrolling interest partners (17.4) (4.0) –
Repayment of line of credit (25.0) (90.0) (200.0)
Dividends paid on common stock (146.8) (141.0) (136.2)
Net cash provided from financing activities 564.2 7.8 37.7
Net increase (decrease) in cash and cash equivalents 2.3 (55.8) (116.3)
Cash and cash equivalents at beginning of period 2.3 58.1 174.4
Cash and cash equivalents at end of period $÷÷÷÷4.6 $÷÷«2.3 $÷«58.1
The accompanying Notes to Consolidated Financial Statements are an integral part hereof.