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49
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2003 2002 2001
Operating Activities:
Income before preferred dividends of subsidiaries $ 126,711 $ 157,668 $ 273,191
Adjustments to reconcile to net cash flows provided by operating activities:
Depreciation 204,388 205,646 201,013
Deferred income taxes and investment tax credits, net (120,603) (149,325) (116,704)
Amortization 182,675 312,955 884,624
Amortization of rate reduction bonds 153,172 148,589 98,413
Amortization/(deferral) of recoverable energy costs 43,874 27,623 (2,005)
Gain on sale of utility plant —(187,113) (641,956)
Increase in prepaid pension (31,816) (96,492) (92,852)
Cumulative effect of accounting change (4,741) — (22,432)
Regulatory overrecoveries/(refunds) 273,715 27,061 (74,179)
Other sources of cash 20,002 94,664 110,562
Other uses of cash (169,011) (148,027) (127,958)
Changes in current assets and liabilities:
Restricted cash — LMP costs (93,630) — —
Unrestricted cash from counterparties (29,606) 2,757 (19,624)
Receivables and unbilled revenues, net 62,551 (102,181) (301,068)
Fuel, materials and supplies (34,223) (27,590) 55,195
Investments in securitizable assets 12,443 27,459 61,779
Other current assets (excludes cash) (24,863) 6,547 (183,944)
Accounts payable (7,436) 163,541 100,277
Accrued taxes (90,069) 114,296 (27,439)
Other current liabilities 100,039 11,671 127,538
Net cash flows provided by operating activities 573,572 589,749 302,431
Investing Activities:
Investments in plant:
Electric, gas and other utility plant (532,251) (463,498) (422,490)
Competitive energy assets (17,707) (21,010) (14,639)
Nuclear fuel — (465) (14,275)
Cash flows used for investments in plant (549,958) (484,973) (451,404)
Investments in nuclear decommissioning trusts —(9,876) (105,076)
Net proceeds from the sale of utility plant —366,786 1,045,284
Buyout/buydown of IPP contracts (20,437) (5,152) (1,157,172)
Payment for acquisitions, net of cash acquired —(16,351) (31,699)
CVEC acquisition special deposit (30,104) — —
Other investment activities 21,698 15,234 (51,677)
Net cash flows used in investing activities (578,801) (134,332) (751,744)
Financing Activities:
Issuance of common shares 13,654 7,458 1,751
Repurchase of common shares (20,537) (57,800) (291,789)
Issuance of long-term debt 268,368 310,648 703,000
Issuance of rate reduction bonds —50,000 2,118,400
Retirement of rate reduction bonds (169,352) (169,039) (100,049)
Increase/(decrease) in short-term debt 49,000 (234,500) (1,019,477)
Reacquisitions and retirements of long-term debt (65,600) (314,773) (714,226)
Reacquisitions and retirements of preferred stock —— (60,768)
Retirement of monthly income preferred securities —— (100,000)
Retirement of capital lease obligation —— (180,000)
Cash dividends on preferred stock of subsidiaries (5,559) (5,559) (7,249)
Cash dividends on common shares (73,090) (67,793) (60,923)
Other financing activities (4,792) (736) 37,660
Net cash flows (used in)/provided by financing activities (7,908) (482,094) 326,330
Net decrease in cash and cash equivalents (13,137) (26,677) (122,983)
Cash and cash equivalents — beginning of year 50,333 77,010 199,993
Cash and cash equivalents — end of year $ 37,196 $ 50,333 $ 77,010
The accompanying notes are an integral part of these consolidated financial statements.