ComEd 2006 Annual Report Download - page 179

PECO Energy Company and Subsidiary Companies
Consolidated Statements of Cash Flows
For the Years Ended
December 31,
(in millions) 2006 2005 2004
Cash flows from operating activities
Net income ....................................................... $ 441 $517 $455
Adjustments to reconcile net income to net cash flows provided by operating
activities:
Depreciation, amortization and accretion ........................... 710 566 518
Cumulative effect of a change in accounting principle (net of income
taxes) ...................................................... — 3 —
Deferred income taxes and amortization of investment tax credits ...... (220) (82) (98)
Other non-cash operating activities ................................ 109 95 118
Changes in assets and liabilities:
Accounts receivable ........................................ (69) (118) (59)
Inventories ................................................ (24) (35) (21)
Accounts payable, accrued expenses and other current liabilities . . . 14 13 18
Receivables from and payables to affiliates, net ................. 26 31 (4)
Income taxes .............................................. 13 (99) 57
Pension and non-pension postretirement benefit contributions ...... (32) (189) (14)
Other assets and liabilities ................................... 49 2 13
Net cash flows provided by operating activities ...................... 1,017 704 983
Cash flows from investing activities
Capital expenditures ............................................ (345) (298) (225)
Changes in Exelon intercompany money pool contributions ............ 8 26 (34)
Change in restricted cash ....................................... (2) 27 (3)
Other investing activities ........................................ 7 4 11
Net cash flows used in investing activities ........................... (332) (241) (251)
Cash flows from financing activities
Issuance of long-term debt ...................................... 296 — 75
Retirement of long-term debt ..................................... (13) (16) (235)
Retirement of long-term debt to PECO Energy Transition Trust ......... (571) (481) (393)
Change in short-term debt ....................................... (125) 220 (46)
Changes in Exelon intercompany money pool borrowings ............. 45 — —
Dividends paid on common and preferred stock ..................... (506) (473) (394)
Contribution from parent ........................................ 181 250 312
Other financing activities ........................................ — — 5
Net cash flows used in financing activities ........................... (693) (500) (676)
Increase (decrease) in cash and cash equivalents .................... (8) (37) 56
Cash and cash equivalents at beginning of period .................... 37 74 18
Cash and cash equivalents at end of period .......................... $ 29 $ 37 $ 74
See Combined Notes to Consolidated Financial Statements
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