Vectren 2013 Annual Report Download - page 76

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74
VECTREN CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2013 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 136.6 $ 159.0 $ 141.6
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization 277.8 254.6 244.3
Deferred income taxes & investment tax credits 43.3 84.3 71.7
Equity in losses of unconsolidated affiliates 59.7 23.3 32.0
Provision for uncollectible accounts 6.8 8.2 11.8
Expense portion of pension & postretirement benefit cost 9.9 8.7 9.0
Other non-cash expense - net 5.8 9.8 (0.1)
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenues 1.5 (67.1) (17.5)
Inventories 24.2 3.3 (26.1)
Recoverable/refundable fuel & natural gas costs 22.4 (12.9) (4.5)
Prepayments & other current assets 12.8 (5.1) 17.9
Accounts payable, including to affiliated companies 6.8 (14.8) (21.2)
Accrued liabilities (1.2) 3.4 6.4
Unconsolidated affiliate dividends 1.1 0.1 0.1
Employer contributions to pension & postretirement plans (13.7) (20.5) (38.8)
Changes in noncurrent assets (2.1) (35.3) 0.3
Changes in noncurrent liabilities (4.7) (11.6) (10.0)
Net cash provided by operating activities 587.0 387.4 416.9
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Long-term debt, net of issuance costs 481.7 199.5 148.9
Dividend reinvestment plan & other common stock issuances 6.9 7.2 7.9
Requirements for:
Dividends on common stock (117.3) (115.3) (113.2)
Retirement of long-term debt (338.9) (62.7) (349.1)
Other financing activities (2.1) — (2.3)
Net change in short-term borrowings (210.2) (48.3) 208.8
Net cash used in financing activities (179.9) (19.6) (99.0)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from:
Sale of business — — 84.3
Unconsolidated affiliate distributions — 0.2 0.5
Other collections 5.6 9.9 1.1
Requirements for:
Capital expenditures, excluding AFUDC equity (393.4) (365.8) (321.3)
Business acquisition, net of cash acquired — — (83.4)
Other investments (17.3) (1.2) (0.9)
Net cash used in investing activities (405.1) (356.9) (319.7)
Net change in cash & cash equivalents 2.0 10.9 (1.8)
Cash & cash equivalents at beginning of period 19.5 8.6 10.4
Cash & cash equivalents at end of period $ 21.5 $ 19.5 $ 8.6
The accompanying notes are an integral part of these consolidated financial statements.