Dominion Power 2005 Annual Report Download - page 61

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Consolidated Statements of Cash Flows
Year Ended December 31, 2005 2004 2003
(millions)
$ 1,033 $ 1,249 $ 318
——
566
35 72 85
—
(18) 84
335 (63) 50
1,538 1,433 1,334
64 554 452
(139) (35) (5)
180 922
Changes in:
Accounts receivable (791) (288) (507)
Inventories (220) (30) (234)
Deferred fuel and purchased gas costs, net (57) 89 (244)
Prepaid pension cost 31 (8) (229)
Accounts payable 686 27 372
Accrued interest, payroll and taxes 147 (9) 42
Deferred revenue (323) (223) (43)
Margin deposit assets and liabilities 124 (6) (18)
Other operating assets and liabilities (20) 17 305
Net cash provided by operating activities 2,623 2,770 2,350
Investing Activities
Plant construction and other property additions (1,683) (1,451) (2,138)
Additions to gas and oil properties, including acquisitions (1,675) (1,299) (1,300)
Proceeds from sales of gas and oil properties 595 729 305
Acquisition of businesses (877)
——
Proceeds from sales of loans and securities 754 466 912
Purchases of securities (854) (490) (777)
Proceeds from sale of emissions allowances 234 41 5
Escrow release for debt refunding
——
500
Purchase of Dominion Fiber Ventures senior notes
——
(633)
Advances to lessor for project under construction
—
(132) (385)
Reimbursement from lessor for project under construction
—
806
—
Other 146 115 143
Net cash used in investing activities (3,360) (1,215) (3,368)
Financing Activities
Issuance (repayment) of short-term debt, net 1,045 (879) 259
Issuance of long-term debt 2,300 877 3,393
Repayment of long-term debt (2,237) (1,283) (2,922)
Issuance of common stock 664 839 990
Repurchase of common stock (276)
——
Common dividend payments (923) (861) (825)
Other (51) (13) (42)
Net cash provided by (used in) financing activities 522 (1,320) 853
Increase (decrease) in cash and cash equivalents (215) 235 (165)
Cash and cash equivalents at beginning of year 361 126 291
Cash and cash equivalents at end of year $ 146 $ 361 $ 126
Supplemental cash flow information:
Cash paid (received) during the year for:
Interest and related charges, excluding capitalized amounts $ 1,007 $ 926 $ 941
Income taxes 399 (8) (32)
Noncash investing and financing activities:
Assumption of debt related to acquisitions of nonutility generating facilities 62 213
—
Proceeds held in escrow from sale of gas and oil properties
—
156
—
Dominion Capital Inc. exchange of notes 258
——
Exchange of debt securities
—
325 500
The accompanying notes are an integral part of our Consolidated Financial Statements.
Dominion 2005 59
Operating Activities
Net income
Adjustments to reconcile net income to net cash from operating activities:
Impairment of telecommunications assets
Dominion Capital Inc. impairment losses
Impairment (recovery) of CNG International assets
Net realized and unrealized derivative (gains)/losses
Depreciation, depletion and amortization
Deferred income taxes and investment tax credits, net
Gain on sale of emissions allowances
Other adjustments to net income