Progress Energy 2010 Annual Report Download - page 62

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58
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years ended December 31 2010 2009 2008
Operating activities
Net income $863 $761 $836
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation,฀amortization฀and฀accretion 1,083 1,135 957
Deferred income taxes and investment tax credits, net 478 220 411
Deferred fuel (credit) cost (2) 290 (333)
Allowance for equity funds used during construction (92) (124) (122)
Loss (gain) on sales of assets 9 2 (75)
Pension, postretirement and other employee benefits 198 135 71
Other adjustments to net income 40 134 64
Cash (used) provided by changes in operating assets and liabilities
Receivables (200) 26 233
Inventory 98 (99) (237)
Derivative collateral posted (23) 200 (340)
Other assets (1) 14 (37)
Income taxes, net 90 (14) (169)
Accounts payable 125 (26) 77
Accrued pension and other benefits (164) (285) (39)
Other liabilities 35 (98) (79)
Net cash provided by operating activities 2,537 2,271 1,218
Investing activities
Gross property additions (2,221) (2,295) (2,333)
Nuclear fuel additions (221) (200) (222)
Purchases of available-for-sale securities and other investments (7,009) (2,350) (1,590)
Proceeds from available-for-sale securities and other investments 6,990 2,314 1,534
Other investing activities 61 (1) 70
Net cash used by investing activities (2,400) (2,532) (2,541)
Financing activities
Issuance of common stock, net 434 623 132
Dividends paid on common stock (717) (693) (642)
Payments of short-term debt with original maturities greater than 90 days – (629) (176)
Proceeds from issuance of short-term debt with original maturities greater than 90 days – – 629
Net (decrease) increase in short-term debt (140) (381) 496
Proceeds from issuance of long-term debt, net 591 2,278 1,797
Retirement of long-term debt (400) (400) (877)
Cash distributions to noncontrolling interests (6) (6) (85)
Other financing activities (13) 14 (26)
Net cash (used) provided by financing activities (251) 806 1,248
Net (decrease) increase in cash and cash equivalents (114) 545 (75)
Cash and cash equivalents at beginning of year 725 180 255
Cash and cash equivalents at end of year $611 $725 $180
Supplemental disclosures
Cash฀paid฀for฀interest,฀net฀of฀amount฀capitalized $709 $701 $612
Cash (received) paid for income taxes (56) 87 152
Significant noncash transactions
Accrued property additions 313 252 334
Asset retirement obligation additions and estimate revisions (36) (384) 14
See Notes to Consolidated Financial Statements.