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63
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2010 2009 2008
Operating Activities:
Net Income $ 394,107 $ 335,592 $ 266,387
Adjustments to Reconcile Net Income to Net Cash Flows
Provided by Operating Activities:
Bad Debt Expense 31,352 53,947 28,573
Depreciation 300,737 309,618 278,588
Deferred Income Taxes 210,939 125,890 86,810
Pension and PBOP Expense, Net of PBOP Contributions 58,228 21,572 (3,839)
Pension Contribution (45,000) - -
Regulatory Overrecoveries/(Underrecoveries), Net 20,750 37,868 (185,252)
Amortization of Regulatory Assets, Net 95,593 13,315 186,396
Amortization of Rate Reduction Bonds 232,871 217,941 204,859
Derivative Assets and Liabilities (11,812) (18,798) (37,052)
Other (72,151) (26,003) (51,787)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net (51,285) 91,081 (141,879)
Investments in Securitizable Assets - - (25,787)
Fuel, Materials and Supplies 38,126 25,957 (74,531)
Taxes Receivable/Accrued (82,103) 16,194 63,251
Accounts Payable (44,355) (208,180) 72,791
Other Current Assets and Liabilities 17,466 (6,876) (12,551)
Net Cash Flows Provided by Operating Activities 1,093,463 989,118 654,977
Investing Activities:
Investments in Property, Plant and Equipment (954,472) (908,146) (1,255,407)
Proceeds from Sales of Marketable Securities 174,865 208,947 259,361
Purchases of Marketable Securities (177,204) (211,243) (262,357)
Other Investing Activities (1,157) 7,963 5,046
Net Cash Flows Used in Investing Activities (957,968) (902,479) (1,253,357)
Financing Activities:
Issuance of Common Shares - 383,295 -
Cash Dividends on Common Shares (180,542) (162,381) (129,077)
Cash Dividends on Preferred Stock (5,559) (5,559) (5,559)
Increase/(Decrease) in Short-Term Debt 166,687 (518,584) 539,897
Issuance of Long-Term Debt 145,000 462,000 760,000
Retirements of Long-Term Debt (4,286) (54,286) (261,286)
Retirements of Rate Reduction Bonds (260,864) (244,075) (230,925)
Other Financing Activities 512 (9,913) 42
Net Cash Flows (Used In)/Provided by Financing Activities (139,052) (149,503) 673,092
Net (Decrease)/Increase in Cash and Cash Equivalents (3,557) (62,864) 74,712
Cash and Cash Equivalents - Beginning of Year 26,952 89,816 15,104
Cash and Cash Equivalents – End of Year $ 23,395 $ 26,952 $ 89,816
The accompanying notes are an integral part of these consolidated financial statements.