Progress Energy 2007 Annual Report Download - page 72

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CONSOLIDATED FINANCIAL STATEMENTS
70
(in millions)
Years ended December 31 2007 2006 2005
Operating activities
Net income $504 $571 $697
Adjustments to reconcile net income to net cash provided by operating activities
Impairment of assets –174 –
Charges for voluntary enhanced retirement program ––159
Depreciation and amortization 1,026 1,190 1,216
Deferred income taxes and investment tax credits, net 177 (251) (340)
Deferred fuel cost (credit) 117 396 (317)
Deferred income (128) (69) –
Other adjustments to net income 124 88 135
Cash (used) provided by changes in operating assets and liabilities
Receivables (193) 78 (170)
Inventory (11) (168) (163)
Prepayments and other current assets 23 (92) (13)
Income taxes, net (275) 197 101
Accounts payable (34) 16 124
Other current liabilities 150 (30) 65
Other assets and deferred debits (221) (60) (78)
Other liabilities and deferred credits (7) (39) 51
Net cash provided by operating activities 1,252 2,001 1,467
Investing activities
Gross property additions (1,973) (1,572) (1,313)
Nuclear fuel additions (228) (114) (126)
Proceeds from sales of discontinued operations and other assets, net of cash divested 675 1,657 475
Purchases of available-for-sale securities and other investments (1,413) (2,452) (3,985)
Proceeds from sales of available-for-sale securities and other investments 1,452 2,631 3,845
Other investing activities 30 (23) (40)
Net cash (used) provided by investing activities (1,457) 127 (1,144)
Financing activities
Issuance of common stock 151 185 208
Dividends paid on common stock (627) (607) (582)
Proceeds from issuance of short-term debt with original maturities greater than 90 days 176 – –
Net increase (decrease) in short-term debt 25 (175) (509)
Proceeds from issuance of long-term debt, net 739 397 1,642
Retirement of long-term debt (324) (2,200) (564)
Other financing activities 55 (68) 32
Net cash provided (used) by financing activities 195 (2,468) 227
Net (decrease) increase in cash and cash equivalents (10) (340) 550
Cash and cash equivalents at beginning of year 265 605 55
Cash and cash equivalents at end of year $255 $265 $605
Supplemental disclosures
Cash paid during the year
Interest (net of amount capitalized) $585 $698 $645
Income taxes (net of refunds) 176 311 168
Significant noncash transactions
Capital lease obligation incurred 182 54 –
Note receivable for disposal of ownership interest in Ceredo 48 – –
Noncash property additions accrued for as of December 31 329 231 116
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS