CenterPoint Energy 2008 Annual Report Download - page 87

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65
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
Year Ended December 31,
2006
2007
2008
(In millions)
Cash Flows from Operating Activities:
Net income ...................................................................................................................................................
$ 432
$ 399
$ 447
Adjustments to reconcile income from continuing operations to net cash provided by operating
activities:
Depreciation and amortization ...............................................................................................................
599
631
708
Amortization of deferred financing costs ...............................................................................................
56
65
28
Deferred income taxes ...........................................................................................................................
(241)
—
487
Tax and interest reserves reductions related to ZENS and ACES settlement .........................................
(107)
—
—
Unrealized loss (gain) on Time Warner investment ...............................................................................
(94)
114
139
Unrealized loss (gain) on indexed debt securities ..................................................................................
80
(111)
(128)
Write-down of natural gas inventory ................................................................................................
66
11
30
Equity in earnings of unconsolidated affiliates, net of distributions ......................................................
(5)
(13)
(51)
Changes in other assets and liabilities:
Accounts receivable and unbilled revenues, net..............................................................................
262
—
(82)
Inventory .........................................................................................................................................
(82)
(102)
(109)
Taxes receivable .............................................................................................................................
53
—
—
Accounts payable ............................................................................................................................
(269)
(185)
87
Fuel cost over (under) recovery ................................................................................................
111
(93)
45
Non-trading derivatives, net ............................................................................................................
(18)
11
(25)
Margin deposits, net ........................................................................................................................
(156)
65
(182)
Interest and taxes accrued ...............................................................................................................
230
(33)
(118)
Net regulatory assets and liabilities ................................................................................................
79
81
(366)
Other current assets .........................................................................................................................
(76)
13
(27)
Other current liabilities ...................................................................................................................
18
(20)
29
Other assets ................................................................................................................................
48
(20)
(20)
Other liabilities ...............................................................................................................................
6
(51)
(8)
Other, net ...............................................................................................................................................
(1)
12
(33)
Net cash provided by operating activities ...........................................................................
991
774
851
Cash Flows from Investing Activities:
Capital expenditures ................................................................................................................................
(1,007)
(1,114)
(1,020)
Increase in restricted cash of transition bond companies .............................................................................
(32)
(1)
(11)
Increase in notes receivable from unconsolidated affiliates .........................................................................
—
(148)
(175)
Investment in unconsolidated affiliates ........................................................................................................
(13)
(39)
(206)
Other, net .....................................................................................................................................................
(4)
2
44
Net cash used in investing activities ...................................................................................
(1,056)
(1,300)
(1,368)
Cash Flows from Financing Activities:
Increase (decrease) in short-term borrowings, net........................................................................................
187
45
(79)
Long-term revolving credit facility, net ................................................................................................
(3)
331
1,110
Proceeds from long-term debt ......................................................................................................................
324
900
1,088
Payments of long-term debt .........................................................................................................................
(229)
(548)
(1,373)
Debt issuance costs ................................................................................................................................
(5)
(9)
(26)
Payment of common stock dividends ...........................................................................................................
(187)
(218)
(246)
Proceeds from issuance of common stock, net .............................................................................................
27
22
80
Other, net .....................................................................................................................................................
4
5
1
Net cash provided by financing activities ...........................................................................
118
528
555
Net Increase in Cash and Cash Equivalents ................................................................................................
53
2
38
Cash and Cash Equivalents at Beginning of Year ..........................................................................................
74
127
129
Cash and Cash Equivalents at End of Year ................................................................................................
$ 127
$ 129
$ 167
Supplemental Disclosure of Cash Flow Information:
Cash Payments:
Interest, net of capitalized interest .........................................................................................................
$ 532
$ 572
$ 586
Income taxes (refunds), net ....................................................................................................................
195
205
(84)
Non-cash transactions:
Accounts payable related to capital expenditures ..................................................................................
173
75
96
See Notes to the Company’s Consolidated Financial Statements