Dominion Power 2003 Annual Report Download - page 61

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59.Dominion 2003
Year Ended December 31, 2003 2002 2001
(millions)
Operating Activities
Net income $318 $ 1,362 $ 544
Adjustments to reconcile net income to net cash from operating activities:
Impairment of telecommunications assets 566
——
DCI impairment losses 85 13 281
Impairment of CNG’s international operations assets 84
——
Net unrealized gains on energy trading contracts (54) (5) (140)
Depreciation, depletion and amortization 1,334 1,379 1,322
Deferred income taxes and investment tax credits, net 452 714 201
Other adjustments for non-cash items 22 34
—
Changes in:
Accounts receivable (531) (814) 463
Inventories (234) (55) (170)
Deferred fuel and purchased gas costs, net (244) (143) 293
Prepaid pension cost (229) (198) (122)
Purchase and origination of mortgages
——
(1,528)
Proceeds from sale and principal collections of mortgages
——
993
Accounts payable, trade 396 527 (25)
Accrued interest, payroll and taxes 42 58 (111)
Margin deposit assets and liabilities (18) (186) 346
Other operating assets and liabilities 366 (238) 105
Net cash provided by operating activities 2,355 2,448 2,452
Investing Activities
Plant construction and other property additions (2,138) (1,339) (1,224)
Additions to gas and oil properties, including acquisitions (1,300) (1,489) (944)
Proceeds from sales of gas and oil properties 305 15 8
Acquisition of businesses
—
(410) (2,215)
Proceeds from sale of loans and securities 912 572 788
Purchases of securities (777) (462) (630)
Escrow release (deposit) for debt refunding 500 (500)
—
Purchase of Dominion Fiber Ventures senior notes (633)
——
Advances to lessor for project under construction (385) (240) (49)
Other 143 (107) 24
Net cash used in investing activities (3,373) (3,960) (4,242)
Financing Activities
Issuance of common stock 990 2,020 245
Repurchase of common stock
—
(66)
—
Issuance of preferred securities by subsidiary trusts
—
400 747
Repayment of preferred securities of subsidiary trusts
—
(135)
—
Issuance of long-term debt and preferred stock 3,393 2,434 7,365
Repayment of long-term debt and preferred stock (2,922) (1,904) (4,193)
Issuance (repayment) of short-term debt, net 259 (666) (1,620)
Common dividend payments (825) (723) (649)
Other (42) (43) 21
Net cash provided by financing activities 853 1,317 1,916
(Decrease) increase in cash and cash equivalents (165) (195) 126
Cash and cash equivalents at beginning of period 291 486 360
Cash and cash equivalents at end of period $126 $291 $486
Supplemental cash flow information:
Cash paid (received) during the year for:
Interest and related charges, excluding capitalized amounts $941 $912 $952
Income taxes (32) (8) 284
Noncash transactions from investing and financing activities:
Exchange of debt securities 500 567
—
Stock and stock option issuance
—
Louis Dreyfus acquisition
——
894
The accompanying notes are an integral part of the Consolidated Financial Statements.
Consolidated Statements of Cash Flows