Exelon 2002 Annual Report Download - page 80

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For the Years Ended December 31,
in millions 2002 2001 2000
Cash Flows from Operating Activities
Net Income $ 1,440 $ 1,428 $ 586
Adjustments to reconcile Net Income to Net
Cash Flows provided by Operating Activities:
Depreciation and Amortization, including nuclear fuel 1,701 1,834 607
Cumulative Effects of Changes in Accounting
Principles (net of income taxes) 230 (12) (24)
Provision for Uncollectible Accounts 129 145 89
Net Gain on Sale of Investments (199) ––
Deferred Income Taxes 278 (68) 193
Merger-Related Costs ––276
Employee Severance Costs –46 –
Deferred Energy Costs 25 29 (79)
Equity in (Earnings) Losses of Unconsolidated Affiliates,net (80) (62) 41
Write-down of Investments 41 36 –
Net Realized Losses on Nuclear Decommissioning Trust Funds 32 127 –
Other Operating Activities 12 (16) (165)
Changes in Working Capital:
Accounts Receivable (448) 318 (445)
Repurchase of Accounts Receivable ––(50)
Inventories (37) (33) 49
Accounts Payable, Accrued Expenses & Other Current Liabilities 470 (190) (2)
Other Current Assets 20 33 20
Net Cash Flows provided by Operating Activities 3,614 3,615 1,096
Cash Flows from Investing Activities
Capital Expenditures (2,150) (2,088) (752)
Acquisitions of Generating Plants (445) ––
Unicom Merger Consideration –– (507)
Proceeds from Direct Financing Leases –– 1,228
Investment in Sithe Energies, Inc. ––(704)
Enterprises Acquisitions,net of cash acquired –(30) (245)
Proceeds from the Sale of Investments 287 ––
Proceeds from Nuclear Decommissioning Trust Funds 1,612 1,624 265
Investment in Nuclear Decommissioning Trust Funds (1,824) (1,863) (380)
Note Receivable from Unconsolidated Affiliate (35) ––
Other Investing Activities 17 (35) (108)
Net Cash Flows used in Investing Activities (2,538) (2,392) (1,203)
Cash Flows from Financing Activities
Issuance of Long-Term Debt 1,223 2,270 1,021
Common Stock Repurchases –– (501)
Retirement of Long-Term Debt (2,134) (1,860) (665)
Change in Short-Term Debt 321 (1,013) 10
Redemption of Preferred Securities of Subsidiaries (18) (17) (19)
Dividends Paid on Common Stock (563) (583) (157)
Change in Restricted Cash (24) (58) (140)
Proceeds from Employee Stock Plans 78 39 67
Contribution from Minority Interest of Consolidated Subsidiary 43 ––
Other Financing Activities (18) (42) (11)
Net Cash Flows used in Financing Activities (1,092) (1,264) (395)
Decrease in Cash and Cash Equivalents (16) (41) (502)
Cash and Cash Equivalents at beginning of period 485 526 54
Cash Acquired in Unicom Merger ––974
Cash and Cash Equivalents at end of period $469$ 485 $ 526
See Notes to Consolidated Financial Statements
Consolidated Statements of Cash Flows
exelon corporation and subsidiary companies
78