Exelon 2006 Annual Report Download - page 39

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Exelon Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
For the Years Ended December 31,
(in millions) 2006 2005 2004
Cash flows from operating activities
Net income $ 1,592 $ 923 $ 1,864
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion, including nuclear fuel 2,132 1,967 1,933
Cumulative effect of changes in accounting principles (net of income taxes) – 42 (23)
Impairment charges 894 1,207 11
Deferred income taxes and amortization of investment tax credits 73 493 202
Net realized and unrealized mark-to-market and hedging transactions (83) (30) 49
Other non-cash operating activities 197 423 461
Changes in assets and liabilities:
Accounts receivable (62) (279) (123)
Inventories (59) (118) (60)
Accounts payable, accrued expenses and other current liabilities 67 172 133
Counterparty collateral asset 259 (244) 42
Counterparty collateral liability 172 57 31
Income taxes 69 138 293
Pension and non-pension postretirement benefit contributions (180) (2,225) (580)
Other assets and liabilities (236) (379) 165
Net cash flows provided by operating activities 4,835 2,147 4,398
Cash flows from investing activities
Capital expenditures (2,418) (2,165) (1,921)
Proceeds from nuclear decommissioning trust fund sales 4,793 5,274 2,320
Investment in nuclear decommissioning trust funds (5,081) (5,501) (2,587)
Acquisitions of businesses, net of cash acquired – (97) –
Proceeds from sales of investments, long-lived assets and wholly owned subsidiaries, net of
$32 of cash sold during 2005 2 107 381
Change in restricted cash (9) 21 52
Other investing activities (49) (126) 16
Net cash flows used in investing activities (2,762) (2,487) (1,739)
Cash flows from financing activities
Issuance of long-term debt 1,370 1,788 232
Retirement of long-term debt (402) (508) (1,629)
Retirement of long-term debt to financing affiliates (910) (835) (728)
Issuance of short-term debt – 2,500 –
Retirement of short-term debt (300) (2,200) –
Change in short-term debt (685) 500 164
Dividends paid on common stock (1,071) (1,070) (831)
Proceeds from employee stock plans 184 222 240
Purchase of treasury stock (186) (362) (82)
Other financing activities 11 (54) 7
Net cash flows used in financing activities (1,989) (19) (2,627)
Increase (decrease) in cash and cash equivalents 84 (359) 32
Cash and cash equivalents at beginning of period 140 499 467
Cash and cash equivalents at end of period $ 224 $ 140 $ 499
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
2006 Form 10-K. For complete consolidated financial statements, including notes, please refer to pages 149 through 324 of Exelon’s 2006 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 62 through 133 of Exelon’s 2006 Form 10-K filed with the SEC.
EXELON CORPORATION AND SUBSIDIARY COMPANIES 37