OG&E 2013 Annual Report Download - page 41

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OGE Energy Corp. 35
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, year ended December 31) 2013 2012 2011
Cash flows from operating activities
Net income $«393.8 $÷÷385.0 $÷÷363.6
Adjustments to reconcile net income to net cash provided from operating activities
Depreciation and amortization 298.6 374.8 307.7
Impairment of assets –0.4 6.3
Deferred income taxes and investment tax credits, net 125.9 143.7 166.0
Equity in earnings of unconsolidated affiliates (101.9) ––
Distributions from unconsolidated affiliates 51.7 ––
Allowance for equity funds used during construction (6.6) (6.2) (20.4)
(Gain) loss on disposition and abandonment of assets (8.6) 4.2 (2.7)
Gain on insurance proceeds –(7.5) (3.0)
Stock-based compensation (3.5) (2.6) 7.8
Regulatory assets 26.8 20.3 14.0
Regulatory liabilities (32.5) (14.8) (1.9)
Other assets 1.3 (6.9) (7.6)
Other liabilities (7.0) (14.3) (37.4)
Change in certain current assets and liabilities
Accounts receivable, net (34.0) 27.1 (48.0)
Accrued unbilled revenues (1.3) 1.9 (2.5)
Income taxes receivable 1.6 1.1 (3.6)
Fuel, materials and supplies inventories 5.1 13.7 54.2
Fuel clause under recoveries (26.2) 1.8 (0.8)
Other current assets (4.5) (8.6) (8.2)
Accounts payable 56.9 25.1 34.5
Accounts payable – unconsolidated affiliates 3.7 ––
Fuel clause over recoveries (108.8) 101.5 (22.2)
Other current liabilities (7.3) 6.4 38.1
Net cash provided from operating activities 623.2 1,046.1 833.9
Cash flows from investing activities
Capital expenditures (less allowance for equity funds used during construction) (990.6) (1,150.6) (1,270.4)
Investment in unconsolidated affiliates (2.7) ––
Acquisition of gathering assets –(78.6) (200.4)
Proceeds from insurance –7.6 7.4
Reimbursement of capital expenditures –27.5 49.6
Proceeds from sale of assets 36.3 1.5 18.0
Net cash used in investing activities (957.0) (1,192.6) (1,395.8)
Cash flows from financing activities
Proceeds from long-term debt 247.4 250.0 246.3
Changes in advances with unconsolidated affiliates 129.6 ––
Contributions from noncontrolling interest partners 107.0 46.2 216.4
Issuance of common stock 14.2 14.3 14.8
Increase in short-term debt 8.7 153.8 132.1
Repayment of line of credit –(150.0) (25.0)
Proceeds from line of credit –– 150.0
Purchase of treasury stock –(3.4) (6.2)
Payment of long-term debt (0.1) (0.1) –
Distributions to noncontrolling interest partners (2.5) (12.6) (17.4)
Dividends paid on common stock (165.5) (154.5) (146.8)
Net cash provided from financing activities 338.8 143.7 564.2
Net increase (decrease) in cash and cash equivalents 5.0 (2.8) 2.3
Cash and cash equivalents at beginning of period 1.8 4.6 2.3
Cash and cash equivalents at end of period $÷÷«6.8 $÷÷÷÷1.8 $÷÷÷÷4.6
The accompanying Notes to Consolidated Financial Statements are an integral part hereof.