Vectren 2010 Annual Report Download - page 71

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69
VECTREN CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2010 2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 133.7$
133.1$ 129.0$
A
djustments to reconcile net income to cash from operating activities:
Depreciation & amortization 229.1
211.9
192.3
Deferred income taxes & investment tax credits 69.3
84.9
79.6
Equity in (earnings) losses of unconsolidated affiliates 8.6
(3.4)
(37.4)
Provision for uncollectible accounts 16.8
15.1
16.9
Expense portion of pension & postretirement benefit cost 10.0
10.4
7.8
Other non-cash charges - net 15.9
13.3
25.4
Changes in working capital accounts:
A
ccounts receivable & accrued unbilled revenue (48.3)
96.9
(83.0)
Inventories (19.3)
(36.1)
26.4
Recoverable/refundable fuel & natural gas costs (30.2)
21.3
(26.2)
Prepayments & other current assets (23.5)
43.1
9.8
A
ccounts payable, including to affiliated companies 5.5
(85.8)
65.7
A
ccrued liabilities 10.2
4.0
16.5
Unconsolidated affiliate dividends 42.7
12.6
15.5
Employer contributions to pension & postretirement plans (22.0)
(38.5)
(15.1)
Changes in noncurrent assets (7.6)
0.2
19.6
Changes in noncurrent liabilities (6.1)
(33.4)
(19.6)
Net cash flows from operating activities 384.8 449.6 423.2
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Long-term debt, net of issuance costs 124.2
312.5
171.4
Issuance of common stoc
k
-
-
124.9
Dividend reinvestment plan & other common stock issuances 14.0
5.8
0.9
Requirements for:
Dividends on common stock (110.8)
(108.6)
(102.6)
Retirement of long-term debt (49.3)
(3.5)
(104.9)
Other financing activities (0.2)
-
(0.1)
Net change in short-term borrowings (95.2)
(306.0)
(37.8)
Net cash flows from financing activities (117.3) (99.8) 51.8
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from:
Unconsolidated affiliate distributions 0.5
4.6
0.2
Other collections 10.8
1.5
6.4
Requirements for:
Capital expenditures, excluding AFUDC equity (277.2)
(432.0)
(391.0)
Unconsolidated affiliate investments (0.2)
(0.2)
(0.6)
Other investments (2.9)
(5.0)
(17.4)
Net cash flows from investing activities (269.0) (431.1) (402.4)
Net change in cash & cash equivalents (1.5)
(81.3)
72.6
Cash & cash equivalents at beginning of period 11.9
93.2
20.6
Cash & cash equivalents at end of period 10.4$
11.9$ 93.2$
Year Ended December 31,
The accompanying notes are an integral part of these consolidated financial statements.