CenterPoint Energy 2012 Annual Report Download - page 83

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61
CENTERPOINT ENERGY, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
Year Ended December 31,
2010 2011 2012
(in millions)
Cash Flows from Operating Activities:
Net income ......................................................................................................................................................... $ 442 $ 1,357 $ 417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ........................................................................................................................ 864 886 1,050
Amortization of deferred financing costs........................................................................................................ 27 30 32
Deferred income taxes..................................................................................................................................... 199 443 328
Extraordinary item, net of tax.......................................................................................................................... — (587) —
Return on true-up balance ............................................................................................................................... — (352) —
Goodwill impairment ...................................................................................................................................... — — 252
Step acquisition gain ....................................................................................................................................... — — (136)
Unrealized gain on marketable securities........................................................................................................ (67) (19) (154)
Unrealized loss (gain) on indexed debt securities........................................................................................... 31 (35) 71
Write-down of natural gas inventory............................................................................................................... 6 11 4
Equity in earnings of unconsolidated affiliates, net of distributions............................................................... 13 8 8
Pension contributions ...................................................................................................................................... (8) (75) (82)
Changes in other assets and liabilities:
Accounts receivable and unbilled revenues, net .................................................................................... 101 40 10
Inventory ................................................................................................................................................ (54) 11 27
Taxes receivable..................................................................................................................................... (138) 138 (7)
Accounts payable ................................................................................................................................... (34) (81) (6)
Fuel cost recovery .................................................................................................................................. (9) (70) (52)
Non-trading derivatives, net................................................................................................................... (5) (13) 20
Margin deposits, net ............................................................................................................................... 7 34 53
Interest and taxes accrued....................................................................................................................... (2) 44 (62)
Net regulatory assets and liabilities........................................................................................................ 14 31 66
Other current assets ................................................................................................................................ (2) 12 (12)
Other current liabilities........................................................................................................................... (1) 18 18
Other assets............................................................................................................................................. (8) (9) (18)
Other liabilities....................................................................................................................................... 12 42 16
Other, net......................................................................................................................................................... (2) 24 17
Net cash provided by operating activities ........................................................................................ 1,386 1,888 1,860
Cash Flows from Investing Activities:
Capital expenditures, net of acquisitions............................................................................................................ (1,509) (1,303) (1,212)
Acquisitions, net of cash acquired...................................................................................................................... — — (360)
Increase in restricted cash of transition and system restoration bond companies.............................................. (5) (3) (13)
Investment in unconsolidated affiliates.............................................................................................................. (18) (12) (5)
Cash received from U.S. Department of Energy grant....................................................................................... 90 110 —
Other, net............................................................................................................................................................ 22 2 (13)
Net cash used in investing activities................................................................................................. (1,420) (1,206) (1,603)
Cash Flows from Financing Activities:
Increase (decrease) in short-term borrowings, net ............................................................................................. (2) 9 (24)
Proceeds from (payments of) commercial paper, net......................................................................................... 183 102 (285)
Proceeds from long-term debt............................................................................................................................ — 550 2,495
Payments of long-term debt ............................................................................................................................... (783) (909) (1,590)
Cash paid for debt exchange and debt retirement .............................................................................................. — (58) (69)
Debt issuance costs............................................................................................................................................. (2) (24) (16)
Payment of common stock dividends................................................................................................................. (319) (337) (346)
Proceeds from issuance of common stock, net................................................................................................... 416 6 4
Net cash provided by (used in) financing activities ......................................................................... (507) (661) 169
Net Increase (Decrease) in Cash and Cash Equivalents ........................................................................................ (541) 21 426
Cash and Cash Equivalents at Beginning of Year.................................................................................................. 740 199 220
Cash and Cash Equivalents at End of Year............................................................................................................ $ 199 $ 220 $ 646
Supplemental Disclosure of Cash Flow Information:
Cash Payments:
Interest, net of capitalized interest................................................................................................................... $ 609 $ 565 $ 556
Income taxes (refunds), net ............................................................................................................................. 207 (205) 46
Non-cash transactions:
Accounts payable related to capital expenditures ........................................................................................... 137 110 110
See Notes to Consolidated Financial Statements