Eversource 1999 Annual Report Download - page 37

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For the Years Ended December 31,
(Thousands of Dollars) 1999 1998 1997
Operating Activities:
Income/(loss) after interest charges $ 56,971 $(120,313) $ (99,676)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation 302,305 332,807 354,329
Deferred income taxes and investment tax credits, net (183,356) 23,502 26,435
Amortization of regulatory assets, net 596,437 203,132 123,718
Amortization of demand-side-management costs, net 10,014 42,085 38,029
Amortization/(deferral) of recoverable energy costs 44,526 38,356 (54,102)
Nuclear unrecoverable costs 71,066 143,239 —
Gain on sale of utility plant (308,914) ——
Net other (uses)/sources of cash (55,543) 55,399 (66,518)
Changes in working capital:
Receivables and unbilled revenues, net (106,566) (27,553) 352,384
Fuel, materials and supplies 29,688 10,060 (1,307)
Accounts payable 8,709 (64,258) (104,269)
Accrued taxes 107,929 4,739 38,966
Investments in securitizable assets 74,498 48,787 (230,905)
Other working capital (excludes cash) (33,546) (26,714) (36,464)
Net cash flows provided by operating activities 614,218 663,268 340,620
Financing Activities:
Issuance of common shares 5,318 2,659 6,502
Issuance of long-term debt 200 275 260,000
Net increase/(decrease) in short-term debt 248,000 (20,000) 11,250
Reacquisitions and retirements of long-term debt (817,759) (269,555) (288,793)
Reacquisitions and retirements of preferred stock (46,250) (62,211) (25,000)
Cash dividends on preferred stock (22,755) (26,440) (30,286)
Cash dividends on common shares (13,168) — (32,134)
Net cash flows used in financing activities (646,414) (375,272) (98,461)
Investing Activities:
Investment in plant:
Electric and other utility plant (287,081) (217,009) (233,399)
Nuclear fuel (42,471) (17,026) (6,852)
Net cash flows used for investments in plant (329,552) (234,035) (240,251)
Investment in nuclear decommissioning trusts (74,231) (75,551) (61,046)
Investment in nonregulated assets (23,542) ——
Net proceeds from the sale of utility plant 565,436 ——
Other investment activities, net 13,084 14,342 8,344
Net cash flows provided by/(used in) investing activities 151,195 (295,244) (292,953)
Net increase/(decrease) in cash for the period 118,999 (7,248) (50,794)
Cash and cash equivalents — beginning of period 136,155 143,403 194,197
Cash and cash equivalents — end of period $ 255,154 $ 136,155 $ 143,403
Supplemental Cash Flow Information:
Cash paid/(refunded) during the year for:
Interest, net of amounts capitalized $ 266,823 $ 238,990 $ 291,335
Income taxes $ 86,183 $ 19,454 $ (26,387)
Increase in obligations:
Niantic Bay Fuel Trust and other capital leases $ 5,865 $ 12,583 $ 3,475
The accompanying notes are an integral part of these financial statements.
35
CONSOLIDATED STATEMENTS OF CASH FLOWS