Dominion Power 2004 Annual Report Download - page 63

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Consolidated Statements of Cash Flows
Year Ended December 31, 2004 2003 2002
(millions)
Operating Activities
Net income $ 1,249 $ 318 $ 1,362
Adjustments to reconcile net income to net cash from operating activities:
Impairment of telecommunications assets
—
566
—
DCI impairment losses 72 85 13
Impairment (recovery) of CNG’s international assets (18) 84
—
Net unrealized gains on energy trading contracts (113) (54) (5)
Depreciation, depletion and amortization 1,433 1,334 1,379
Deferred income taxes and investment tax credits, net 554 452 714
Other adjustments for non-cash items 922 34
Changes in:
Accounts receivable (288) (507) (442)
Inventories (24) (234) (55)
Deferred fuel and purchased gas costs, net 89 (244) (143)
Prepaid pension cost (8) (229) (198)
Accounts payable, trade 55 372 155
Accrued interest, payroll and taxes (9) 42 58
Deferred revenue (223) (43)
—
Margin deposit assets and liabilities (6) (18) (186)
Other operating assets and liabilities 67 409 (238)
Net cash provided by operating activities 2,839 2,355 2,448
Investing Activities
Plant construction and other property additions (1,451) (2,138) (1,339)
Additions to gas and oil properties, including acquisitions (1,299) (1,300) (1,489)
Proceeds from sales of gas and oil properties 729 305 15
Acquisition of businesses
——
(410)
Proceeds from sale of loans and securities 466 912 572
Purchases of securities (490) (777) (462)
Escrow release (deposit) for debt refunding
—
500 (500)
Purchase of Dominion Fiber Ventures senior notes
—
(633)
—
Advances to lessor for project under construction (132) (385) (240)
Reimbursement from lessor for project under construction 806
— —
Other 115 143 (107)
Net cash used in investing activities (1,256) (3,373) (3,960)
Financing Activities
Issuance (repayment) of short-term debt, net (879) 259 (666)
Issuance of long-term debt and preferred stock 877 3,393 2,434
Repayment of long-term debt and preferred stock (1,283) (2,922) (1,904)
Issuance of preferred securities by subsidiary trusts
——
400
Repayment of preferred securities of subsidiary trusts
——
(135)
Issuance of common stock 839 990 2,020
Repurchase of common stock
——
(66)
Common dividend payments (861) (825) (723)
Other (13) (42) (43)
Net cash provided by (used in) financing activities (1,320) 853 1,317
Increase (decrease) in cash and cash equivalents 263 (165) (195)
Cash and cash equivalents at beginning of period 126 291 486
Cash and cash equivalents at end of period $ 389 $ 126 $ 291
Supplemental cash flow information:
Cash paid (received) during the year for:
Interest and related charges, excluding capitalized amounts $ 926 $ 941 $ 912
Income taxes (8) (32) (8)
Noncash transactions from investing and financing activities:
Assumption of debt related to acquisitions of non-utility generating facilities 213
— —
Proceeds held in escrow from sale of gas and oil properties 156
— —
Exchange of debt securities 325 500 567
The accompanying notes are an integral part of the Consolidated Financial Statements.
D 2004/Page 61