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CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2008 2007 2006
Operating Activities:
Net income $ 260,828 $ 246,483 $ 470,578
Adjustments to reconcile to net cash flows provided by operating activities:
Pre-tax gains from sale/disposition of discontinued operations - (2,054 ) (504,314 )
Bad debt expense 28,573 29,140 29,366
Depreciation 278,588 265,297 243,822
Deferred income taxes 86,810 6,933 (204,212 )
Amortization of investment tax credits (3,474 ) (3,583 ) (3,673 )
Pension and PBOP expense and contributions, net of capitalized portion (3,839 ) 10,865 38,994
Stock-based compensation expense 13,518 13,855 14,718
Allowance for equity funds used during construction (29,028 ) (17,417 ) (13,573)
Impairment of marketable securities 17,399 2,539 -
(Deferral)/amortization of recoverable energy costs (10,590 ) 11,715 15,609
Amortization of rate reduction bonds 204,859 201,039 188,247
Amortization of regulatory assets, net 186,396 40,674 16,292
Regulatory (refunds and underrecoveries)/overrecoveries (174,662 ) 37,010 (96,560 )
Derivative assets and liabilities (37,052 ) (43,808 ) (90,867 )
Deferred contractual obligations (32,326 ) (41,950 ) (90,671 )
(Increase)/decrease in other deferred debits (16,873 ) (5,026 ) 2,837
Increase/(decrease) in other deferred credits 4,735 (8,784 ) (10,451 )
Other adjustments (5,738 ) (4,464 ) 22,921
Changes in current assets and liabilities:
Receivables and unbilled revenues, net (141,879 ) (65,381 ) 605,366
Fuel, materials and supplies (74,531 ) (33,727 ) 16,718
Investments in securitizable assets (25,787 ) 33,531 (158,651 )
Other current assets (4,677 ) 3,878 58,350
Accounts payable 72,791 (49,554 ) (399,386 )
Counterparty deposits and margin special deposits (7,474 ) 29,505 26,469
Taxes receivable/accrued 63,251 (392,611 ) 271,477
Other current liabilities (400 ) (15,670 ) (42,332 )
Net cash flows provided by operating activities 649,418 248,435 407,074
Investing Activities:
Investments in property and plant (1,255,407 ) (1,114,824) (872,181)
Net proceeds from sales of competitive businesses - - 1,053,099
Cash payments related to the sale of competitive businesses - (16,648 ) (32,359)
Proceeds from sales of marketable securities 259,361 254,832 193,459
Purchases of marketable securities (262,357 ) (261,777 ) (193,917 )
Rate reduction bond escrow and other deposits 1,686 63,722 (50,686 )
Other investing activities 3,360 7,229 19,649
Net cash flows (used in)/provided by investing activities (1,253,357 ) (1,067,466 ) 117,064
Financing Activities:
Issuance of common shares related to share-based compensation 5,524 9,056 9,494
Cash dividends on common shares (129,077 ) (120,988 ) (112,745 )
Increase/(decrease) in short-term debt 539,897 79,000 (32,000 )
Issuance of long-term debt 760,000 655,000 250,000
Reacquisition and retirements of long-term debt (261,286 ) (4,877 ) (28,843 )
Retirements of rate reduction bonds (230,925 ) (259,722 ) (173,344 )
Other financing activities (5,482 ) (5,245 ) (571 )
Net cash flows provided by/(used in) financing activities 678,651 352,224 (88,009 )
Net increase/(decrease) in cash and cash equivalents 74,712 (466,807 ) 436,129
Cash and cash equivalents - beginning of year 15,104 481,911 45,782
Cash and cash equivalents - end of year $ 89,816 $ 15,104 $ 481,911
The accompanying notes are an integral part of these consolidated financial statements.
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