Vectren 2008 Annual Report Download - page 69

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67
VECTREN CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2008 2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net income 129.0$ 143.1$ 108.8$
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization 192.3 184.8 172.3
Deferred income taxes & investment tax credits 79.6 27.0 1.4
Equity in earnings of unconsolidated affiliates (37.4) (22.9) (17.0)
Provision for uncollectible accounts 16.9 16.6 15.3
Expense portion of pension & postretirement benefit cost 7.8 9.8 10.7
Other non-cash charges - net 25.4 4.8 11.4
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenue (83.0) (29.1) 108.9
Inventories 26.4 2.6 (17.6)
Recoverable/refundable fuel & natural gas costs (26.2) (6.3) 41.3
Prepayments & other current assets 9.8 (3.7) (21.2)
Accounts payable, including to affiliated companies 65.7 4.9 (71.6)
Accrued liabilities 16.5 4.6 (23.2)
Unconsolidated affiliate dividends 15.5 20.8 35.8
Changes in noncurrent assets 19.6 (21.4) (25.8)
Changes in noncurrent liabilities (34.7) (37.5) (19.3)
Net cash flows from operating activities 423.2 298.1 310.2
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Common stock - net of issuance costs 124.9 - -
Long-term debt - net of issuance costs 171.4 16.4 92.8
Stock option exercises & other stock plans 0.8 5.2 -
Requirements for:
Dividends on common stock (102.6) (96.4) (93.1)
Retirement of long-term debt (104.9) (23.9) (124.4)
Other activity - (0.8) (0.6)
Net change in short-term borrowings (37.8) 92.2
164.9
Net cash flows from financing activities 51.8 (7.3) 39.6
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from:
Unconsolidated affiliate distributions 0.2 12.7 2.0
Other collections 6.4 38.0 3.4
Requirements for:
Capital expenditures, excluding AFUDC equity (391.0) (334.5) (281.4)
Unconsolidated affiliate investments (0.6) (17.5) (16.7)
Other investments (17.4) (1.7) (44.7)
Net cash flows from investing activities (402.4) (303.0) (337.4)
Net change in cash & cash equivalents 72.6 (12.2) 12.4
Cash & cash equivalents at beginning of period 20.6 32.8 20.4
Cash & cash equivalents at end of period 93.2$ 20.6$ 32.8$
Cash paid during the year for:
Interest 92.6$ 97.3$ 92.9$
Income taxes (3.5) 43.7 36.3
Year Ended December 31,
The accompanying notes are an integral part of these consolidated financial statements.