Exelon 2003 Annual Report Download - page 83

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81Consolidated Statements of Cash Flows
EXELON CORPORATION AND SUBSIDIARY COMPANIES
For the Years Ended December 31,
in millions 2003 2002 2001
Cash flows from operating activities
Net income $ 905 $ 1,440 $ 1,428
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel 1,718 1,701 1,834
Cumulative effect of changes in accounting principles (net of income taxes) (112) 230 (12)
Impairment of investments 309 41 36
Impairment of goodwill and long-lived assets 990 ––
Deferred income taxes and amortization of investment tax credits (337) 278 (68)
Provision for uncollectible accounts 94 129 145
Loss (gain) on sale of investments 25 (199) –
Equity in earnings of unconsolidated affiliates (33) (80) (62)
Net realized losses on nuclear decommissioning trust funds 16 32 127
Other operating activities 57 126 143
Changes in assets and liabilities:
Accounts receivable 21 (448) 318
Inventories (54) (37) (33)
Other current assets (84) 45 62
Accounts payable, accrued expenses and other current liabilities 18 420 (144)
Pension and non-pension postretirement benefits obligations (144) (165) (41)
Other noncurrent assets and liabilities (5) 129 (118)
Net cash flows provided by operating activities 3,384 3,642 3,615
Cash flows from investing activities
Capital expenditures (1,954) (2,150) (2,088)
Proceeds from liquidated damages 92 ––
Proceeds from nuclear decommissioning trust fund sales 2,341 1,612 1,624
Investment in nuclear decommissioning trust funds (2,564) (1,824) (1,863)
Note receivable from unconsolidated affiliate 35 (35) –
Proceeds from the sales of investments 263 287 –
Acquisitions of businesses, net of cash acquired (272) (445) (30)
Change in restricted cash (92) (24) (58)
Other investing activities 42 17 (35)
Net cash flows used in investing activities (2,109) (2,562) (2,450)
Cash flows from financing activities
Issuance of long-term debt 3,015 1,223 2,270
Retirement of long-term debt (2,922) (2,134) (1,860)
Change in short-term debt (355) 321 (1,013)
Issuance of long-term debt to financing affiliates 103 ––
Issuance of mandatorily redeemable preferred securities 200 ––
Retirement of mandatorily redeemable preferred securities (250) (18) (17)
Payment on acquisition note payable to Sithe Energies, Inc. (446) ––
Retirement of preferred stock (50) ––
Dividends paid on common stock (620) (563) (583)
Proceeds from employee stock plans 181 75 39
Contribution from minority interest of consolidated subsidiary –43 –
Other financing activities (96) (43) (42)
Net cash flows used in financing activities (1,240) (1,096) (1,206)
Increase (decrease) in cash and cash equivalents 35 (16) (41)
Cash and cash equivalents at beginning of period 469 485 526
Cash and cash equivalents, including cash held for sale 504 469 485
Cash classified as held for sale on the consolidated balance sheet 11 ––
Cash and cash equivalents at end of period $ 493 $ 469 $ 485
See Notes to Consolidated Financial Statements