Eversource 2001 Annual Report Download - page 33

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Consolidated Statements of Cash Flows
For the Years Ended December 31,
(Thousands of Dollars) 2001 2000 1999
Operating Activities:
Income before preferred dividends of subsidiaries $273,191 $ 219,457 $ 56,971
Adjustments to reconcile to net cash flows provided by operating activities:
Depreciation 201,013 239,798 302,305
Deferred income taxes and investment tax credits, net (116,704) (16,117) (183,356)
Amortization of regulatory assets, net 983,037 276,821 596,437
Gain on sale of utility plant (641,956) — (308,914)
Cumulative effect of accounting change (22,432) ——
Net other (uses)/sources of cash (80,362) (101,927) 36,360
Changes in working capital:
Receivables and unbilled revenues, net (356,863) (104,868) (106,566)
Fuel, materials and supplies 55,195 12,450 29,688
Accounts payable 130,562 171,148 8,709
Accrued taxes (27,885) (128,107) 107,929
Investments in securitizable assets 61,779 9,474 74,498
Other working capital (excludes cash) (81,837) 254 157
Net cash flows provided by operating activities 376,738 578,383 614,218
Investing Activities:
Investments in regulated plant:
Electric, gas and other utility plant (428,312) (345,596) (278,726)
Nuclear fuel (14,275) (61,286) (42,471)
Net cash flows used for investments in regulated plant (442,587) (406,882) (321,197)
Investments in nuclear decommissioning trusts (105,076) (39,550) (74,231)
Investments in competitive energy assets (15,368) (7,140) (31,897)
Other investment activities, net (51,677) (28,478) 13,084
Net proceeds from the sale of utility plant 1,048,636 — 565,436
Buyout/buydown of IPP contracts (1,176,872) ——
Payment for the purchase of SENY, net of cash acquired (25,823) ——
Payment for the purchase of Yankee, net of cash acquired —(260,347) —
Net cash flows (used in)/provided by investing activities (768,767) (742,397) 151,195
Financing Activities:
Issuance of common shares 1,751 4,269 5,318
Repurchase of common shares (291,789) ——
Issuance of long-term debt 703,000 26,477 200
Issuance of rate reduction bonds 2,118,400 ——
Retirement of rate reduction bonds (100,049) ——
Net (decrease)/increase in short-term debt (1,019,477) 961,977 248,000
Reacquisitions and retirements of long-term debt (714,226) (685,555) (817,759)
Reacquisitions and retirements of preferred stock (60,768) (126,771) (46,250)
Retirement of monthly income preferred securities (100,000) ——
Retirement of capital lease obligation (180,000) ——
Cash dividends on preferred stock (7,249) (14,162) (22,755)
Cash dividends on common shares (60,923) (57,358) (13,168)
Net cash flows provided by/(used in) financing activities 288,670 108,877 (646,414)
Net (decrease)/increase in cash and cash equivalents (103,359) (55,137) 118,999
Cash and cash equivalents - beginning of year 200,017 255,154 136,155
Cash and cash equivalents - end of year $96,658 $ 200,017 $ 255,154
The accompanying notes are an integral part of these financial statements.
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