Dominion Power 2001 Annual Report Download - page 32

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(millions) 2001 2000 1999
Cash flows from (used in) operating activities
Net income $ 544 $ 436 $ 297
Adjustments to reconcile net income to net cash from operating activities:
Cumulative effect of a change in accounting principle, net of income taxes
—
(21)
—
DCI impairment losses 281 291
—
Extraordinary item, net of income taxes
——
255
Gains on sales of businesses (4) (23)
—
Depreciation, depletion, and amortization 1,322 1,268 798
Deferred income taxes 241 22 64
Deferred fuel expenses, net (24) (33) (35)
Changes in:
Accounts receivable 463 (953) 81
Inventories (170) (62) (6)
Unrecovered gas costs 255 (217)
—
Purchase and origination of mortgages (1,528) (4,281) (2,575)
Proceeds from sale and principal collections of mortgages 993 4,295 2,597
Accounts payable, trade (25) 626 (24)
Accrued interest and taxes (113) 139 (48)
Broker margin deposits and liabilities 346 (244) 1
Derivative and energy trading assets and liabilities (339) (32)
—
Other 172 132 (150)
Net cash from operating activities 2,414 1,343 1,255
Cash flows from (used in) investing activities
Plant construction and other property additions (1,224) (1,385) (871)
Gas and oil properties and equipment (944) (353) (90)
Loan originations
—
(2,911) (2,581)
Repayment of loan originations 283 4,255 2,238
Proceeds from sale of businesses 141 836 180
Acquisition of businesses (2,215) (2,779) (167)
Proceeds from sale of securities 30 137 35
Purchase of securities (104) (235) (53)
Other investments (36) (140) (152)
Other (124) (22) (81)
Net cash used in investing activities (4,193) (2,597) (1,542)
Cash flows from (used in) financing activities
Issuance of common stock 245 532
—
Issuance of preferred securities of subsidiary trusts 747
——
Repurchase of common stock
—
(1,641) (372)
Issuance of long-term debt 7,365 8,108 6,446
Repayment of long-term debt and preferred stock (4,193) (6,813) (5,790)
Issuance (repayment) of short-term debt, net (1,620) 1,820 394
Common dividend payments (649) (615) (493)
Other 10 (57) (44)
Net cash from financing activities 1,905 1,334 141
Increase (decrease) in cash and cash equivalents 126 80 (146)
Cash and cash equivalents at beginning of period 360 280 426
Cash and cash equivalents at end of period $ 486 $ 360 $ 280
Supplemental cash flow information:
Cash paid during the year for:
Interest, excluding capitalized amounts $ 854 $ 988 $ 522
Income taxes 284 240 199
Noncash transactions from investing and financing activities:
Noncash stock and stock option issuance—Louis Dreyfus acquisition 894
——
Noncash stock issuance—CNG acquisition
—
3,527
—
Note received in sale of businesses 25
—
260
The accompanying notes are an integral part of the Consolidated Financial Statements.
30