OG&E 2012 Annual Report Download - page 45

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OGE Energy Corp. 43
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, year ended December 31) 2012 2011 2010
Cash flows from operating activities
Net income $÷÷385.0 $÷÷363.6 $«300.4
Adjustments to reconcile net income to net cash provided from operating activities
Depreciation and amortization 374.8 307.7 291.3
Impairment of assets 0.4 6.3 1.1
Deferred income taxes and investment tax credits, net 143.7 166.0 146.4
Allowance for equity funds used during construction (6.2) (20.4) (11.4)
(Gain) loss on disposition and abandonment of assets 4.2 (2.7) –
Gain on insurance proceeds (7.5) (3.0) –
Stock-based compensation (2.6) 7.8 7.4
Excess tax benefit on stock-based compensation –– (0.7)
Price risk management assets 3.3 (1.7) 3.9
Price risk management liabilities (4.6) 19.0 8.5
Regulatory assets 20.3 14.0 24.1
Regulatory liabilities (14.8) (1.9) (12.4)
Other assets (6.9) (7.6) 6.3
Other liabilities (14.3) (37.4) (37.0)
Change in certain current assets and liabilities
Accounts receivable, net 27.1 (48.0) 11.9
Accrued unbilled revenues 1.9 (2.5) 0.4
Income taxes receivable 1.1 (3.6) 153.0
Fuel, materials and supplies inventories 13.7 54.2 (45.2)
Gas imbalance assets (7.2) 0.7 0.7
Fuel clause under recoveries 1.8 (0.8) (0.7)
Other current assets (4.7) (7.2) (5.9)
Accounts payable 25.1 34.5 59.2
Gas imbalance liabilities (4.8) 3.1 (5.3)
Fuel clause over recoveries 101.5 (22.2) (157.6)
Other current liabilities 15.8 16.0 44.1
Net cash provided from operating activities 1,046.1 833.9 782.5
Cash flows from investing activities
Capital expenditures (less allowance for equity funds used during construction) (1,150.6) (1,270.4) (879.9)
Acquisition of gathering assets (78.6) (200.4) –
Proceeds from sale of assets 1.5 18.0 2.3
Proceeds from insurance 7.6 7.4 –
Reimbursement of capital expenditures 27.5 49.6 31.5
Net cash used in investing activities (1,192.6) (1,395.8) (846.1)
Cash flows from financing activities
Proceeds from long-term debt 250.0 246.3 246.2
Increase (decrease) in short-term debt 153.8 132.1 (30.0)
Contributions from noncontrolling interest partners 46.2 216.4 183.2
Issuance of common stock 14.3 14.8 16.9
Proceeds from line of credit –150.0 115.0
Retirement of long-term debt –– (289.2)
Excess tax benefit on stock-based compensation ––0.7
Payment of long-term debt (0.1) ––
Purchase of treasury stock (3.4) (6.2) –
Distributions to noncontrolling interest partners (12.6) (17.4) (4.0)
Repayment of line of credit (150.0) (25.0) (90.0)
Dividends paid on common stock (154.5) (146.8) (141.0)
Net cash provided from financing activities 143.7 564.2 7.8
Net increase (decrease) in cash and cash equivalents (2.8) 2.3 (55.8)
Cash and cash equivalents at beginning of period 4.6 2.3 58.1
Cash and cash equivalents at end of period $÷÷÷÷1.8 $÷÷÷÷4.6 $÷÷«2.3
The accompanying Notes to Consolidated Financial Statements are an integral part hereof.