Dominion Power 2002 Annual Report Download - page 32

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Year Ended December 31, 2002 2001 2000
(millions)
Operating Activities
Net income $ 1,362 $ 544 $ 436
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 13 281 291
Net unrealized gains on energy trading contracts (5) (140) (25)
Depreciation, depletion and amortization 1,379 1,322 1,268
Deferred income taxes and investment tax credits, net 714 201 (92)
Changes in:
Accounts receivable (814) 414 (953)
Inventories (55) (170) (62)
Deferred fuel and purchased gas costs, net (143) 293 (250)
Prepaid pension cost (198) (122) (68)
Purchase and origination of mortgages
—
(1,528) (4,281)
Proceeds from sale and principal collections of mortgages
—
993 4,295
Accounts payable, trade 527 (25) 626
Accrued interest, payroll and taxes 58 (111) 173
Margin deposit assets and liabilities (186) 346 (244)
Other items, net (204) 105 239
Net cash provided by operating activities 2,448 2,403 1,332
Investing Activities
Plant construction and other property additions (1,339) (1,224) (1,385)
Purchases of gas and oil properties, prospects and equipment (1,489) (944) (353)
Loan originations
——
(2,911)
Repayment of loan originations 19 283 4,255
Proceeds from sale of businesses
—
141 836
Acquisition of businesses (410) (2,215) (2,779)
Proceeds from sale of securities 54 30 137
Purchase of securities
—
(104) (235)
Escrow deposit for debt refunding (500)
——
Other (295) (160) (162)
Net cash used in investing activities (3,960) (4,193) (2,597)
Financing Activities
Issuance of common stock 2,020 245 532
Repurchase of common stock (66)
—
(1,641)
Issuance of preferred securities of subsidiary trusts 400 747
—
Repayment of preferred securities of subsidiary trusts (135)
——
Issuance of long-term debt and preferred stock 2,434 7,365 8,108
Repayment of long-term debt and preferred stock (1,904) (4,193) (6,813)
Issuance (repayment) of short-term debt, net (666) (1,620) 1,820
Common dividend payments (723) (649) (615)
Other (43) 21 (46)
Net cash provided by financing activities 1,317 1,916 1,345
(Decrease) increase in cash and cash equivalents (195) 126 80
Cash and cash equivalents at beginning of period 486 360 280
Cash and cash equivalents at end of period $ 291 $ 486 $ 360
Supplemental cash flow information:
Cash paid (received) during the year for:
Interest and related charges, excluding capitalized amounts $ 912 $ 952 $ 1,054
Income taxes (8) 284 240
Noncash transactions from investing and financing activities:
Exchange of debt securities 567
——
Stock and stock option issuance—Louis Dreyfus acquisition
—
894
—
Note received in sale of business
—
25
—
Stock issuance—CNG acquisition
——
3,527
The accompanying notes are an integral part of the Consolidated Financial Statements.
30 Dominion ’02 Annual ReportDominion ’02 Annual Report
Consolidated Statements of Cash Flows