Dominion Power 2006 Annual Report Download - page 66

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2006 2005 2004
(millions)
Operating Activities
Net income $1,380 $1,033 $1,249
Adjustments to reconcile netincome to net cash from operating activities:
Impairment of merchant generation peakingfacilities 253 ——
Dominion Capital, Inc. impairment losses 89 35 72
Charges related to pending saleof gas distribution subsidiaries 188 ——
Net realized and unrealized derivative(gains)/losses (242) 335 (63)
Depreciation, depletion and amortization 1,739 1,538 1,433
Deferred income taxes and investment tax credits, net 510 64 554
Gain on saleof emissions allowances (74) (139) (35)
Other adjustments to net income (31) 84 (59)
Changes in:
Accounts receivable 684 (791) (288)
Inventories 3(220) (30)
Deferred fuel and purchased gas costs, net 239 (57) 89
Pension and other postretirement benefit assets52 31 (8)
Accounts payable (526) 686 27
Accrued interest, payroll and taxes 92 147 (9)
Deferred revenue (262) (323) (223)
Margin deposit assets and liabilities (7) 124 (6)
Other operating assets and liabilities (82) 76 67
Net cash provided by operating activities 4,005 2,623 2,770
Investing Activities
Plant construction andother property additions (1,995) (1,683) (1,451)
Additions to gas and oil properties, including acquisitions (2,057) (1,675) (1,299)
Proceeds from sales of gas and oil properties 393 595 729
Acquisition of businesses (91) (877) —
Proceeds from sales of securities and loan receivable collections and payoffs 1,110 754 466
Purchases of securities and loan receivable originations (1,196) (854) (490)
Proceeds from saleof emissions allowances 76 234 41
Net proceeds from sale or disposal of other assets and investments 150 17 23
Advances to lessor for project under construction ——(132)
Reimbursement from lessor for project under construction ——806
Other 116 129 92
Net cash used in investing activities (3,494) (3,360) (1,215)
Financing Activities
Issuance (repayment) of short-term debt, net 713 1,045 (879)
Issuance of long-term debt 2,450 2,300 877
Repayment of long-term debt (2,333) (2,237) (1,283)
Repayment of notes payable to affiliate (300) ——
Issuance of common stock 479 664 839
Repurchase of common stock (540) (276) —
Common dividendpayments (970) (923) (861)
Other (14) (51) (13)
Net cash provided by (used in) financing activities (515) 522 (1,320)
Increase (decrease) in cash and cash equivalents (4) (215) 235
Cash and cash equivalents at beginning of year 146 361 126
Cash and cash equivalents at end of year(1) $142 $146$361
Supplemental Cash Flow Information:
Cash paid (received) during the year for:
Interest and related charges, excluding capitalized amounts $920 $1,007 $926
Income taxes432 399 (8)
Noncash investing and financing activities:
Accrued capital expenditures 258 220 111
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
(1) 2006 amount includes $4 million of cash classified as held for sale in our Consolidated BalanceSheet.
The accompanying notes are an integral part of our Consolidated Financial Statements.
DOMINION2006 Annual Report 65