Exelon 2004 Annual Report Download - page 35

Exelon Corporation
Consolidated Statements of Cash Flows
For the Years Ended December 31,
in millions 2004 2003 2002
Cash flows from operating activities
Net income $ 1,864 $ 905 $ 1,440
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel 1,933 1,681 1,701
Other decommissioning-related activities 169 37 –
Cumulative effect of changes in accounting principles (net of income taxes) (23) (112) 230
Impairment of investments 10 309 41
Impairment of goodwill and other long-lived assets 1 990 –
Deferred income taxes and amortization of investment tax credits 202 (36) 278
Provision for uncollectible accounts 87 94 129
Equity in (earnings) losses of unconsolidated affiliates 153 (33) (80)
(Gains) losses on sales of investments and wholly owned subsidiaries (162) 25 (199)
Net realized (gains) losses on nuclear decommissioning trust funds (72) 16 32
Other non-cash operating activities (24) 18 101
Changes in assets and liabilities
Accounts receivables (123) 102 (357)
Inventories (60) (54) (37)
Other current assets 79 (68) 45
Accounts payable, accrued expenses and other current liabilities 173 (74) 43
Income taxes 293 (271) 288
Net realized and unrealized mark-to-market and hedging transactions 49 (10) 18
Pension and non-pension postretirement benefits obligations (270) (144) (165)
Other noncurrent assets and liabilities 119 9 134
Net cash flows provided by operating activities 4,398 3,384 3,642
Cash flows from investing activities
Capital expenditures (1,921) (1,954) (2,150)
Proceeds from liquidated damages – 92 –
Proceeds from nuclear decommissioning trust fund sales 2,320 2,341 1,612
Investment in nuclear decommissioning trust funds (2,587) (2,564) (1,824)
Collection of other notes receivable 59 35 (35)
Proceeds from sales of investments and wholly owned subsidiaries 329 263 287
Proceeds from sales of long-lived assets 52 10
Acquisitions of businesses, net of cash acquired – (272) (445)
Investments in synthetic fuel-producing facilities (56) – –
Change in restricted cash 55 (92) (24)
Net cash increase from consolidation of Sithe Energies, Inc. 19 – –
Other investing activities (6) 32 17
Net cash flows used in investing activities (1,736) (2,109) (2,562)
Cash flows from financing activities
Issuance of long-term debt 232 3,015 1,223
Retirement of long-term debt (1,629) (2,922) (2,134)
Issuance of long-term debt to financing affiliates – 103 –
Retirement of long-term debt to financing affiliates (728) – –
Change in short-term debt 164 (355) 321
Issuance of mandatorily redeemable preferred securities – 200 –
Retirement of mandatorily redeemable preferred securities – (250) (18)
Payment on acquisition note payable to Sithe Energies, Inc. (27) (446) –
Retirement of preferred stock – (50) –
Dividends paid on common stock (831) (620) (563)
Proceeds from employee stock plans 240 181 75
Purchase of treasury stock (82) – –
Contribution from minority interest of consolidated subsidiary – – 43
Other financing activities 34 (96) (43)
Net cash flows used in financing activities (2,627) (1,240) (1,096)
Increase (decrease) in cash and cash equivalents 35 35 (16)
Cash and cash equivalents at beginning of period 493 469 485
Cash and cash equivalents, including cash held for sale 528 504 469
Cash classified as held for sale on the consolidated balance sheet – 11 –
Cash and cash equivalents at end of period $ 528 $ 493 $ 469
The information in the Consolidated Statements of Cash Flows shown above is a replication of the information in the Consolidated Statements of Cash Flows in Exelon’s
2004 Form 10-K. For complete consolidated financial statements, including notes, please refer to pages 134 through 224 of Exelon’s 2004 Form 10-K filed with the SEC.
See also management’s discussion and analysis of financial condition and results of operation, which includes a discussion of critical accounting policies and estimates,
on pages 46 through 130 of Exelon’s 2004 Form 10-K filed with the SEC.
EXELON CORPORATION AND SUBSIDIARY COMPANIES 33