Vectren 2012 Annual Report Download - page 74

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72
VECTREN CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 159.0 $ 141.6 $ 133.7
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization 254.6 244.3 229.1
Deferred income taxes & investment tax credits 84.3 71.7 69.3
Equity in losses of unconsolidated affiliates 23.3 32.0 8.6
Provision for uncollectible accounts 8.2 11.8 16.8
Expense portion of pension & postretirement benefit cost 8.7 9.0 10.0
(Gain) on sale of business in 2011, net of other non-cash charges 9.8 (0.1) 15.9
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenues (67.1) (17.5) (48.3)
Inventories 3.3 (26.1) (19.3)
Recoverable/refundable fuel & natural gas costs (12.9) (4.5) (30.2)
Prepayments & other current assets (5.1) 17.9 (23.5)
Accounts payable, including to affiliated companies (14.8) (21.2) 5.5
Accrued liabilities 3.4 6.4 10.2
Unconsolidated affiliate dividends 0.1 0.1 42.7
Employer contributions to pension & postretirement plans (20.5) (38.8) (22.0)
Changes in noncurrent assets (35.3) 0.3 (7.6)
Changes in noncurrent liabilities (11.6) (10.0) (6.1)
Net cash flows from operating activities 387.4 416.9 384.8
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Long-term debt, net of issuance costs 199.5 148.9 124.2
Dividend reinvestment plan & other common stock issuances 7.2 7.9 14.0
Requirements for:
Dividends on common stock (115.3) (113.2) (110.8)
Retirement of long-term debt (62.7) (349.1) (49.3)
Other financing activities — (2.3) (0.2)
Net change in short-term borrowings (48.3) 208.8 (95.2)
Net cash flows from financing activities (19.6) (99.0) (117.3)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from:
Sale of business — 84.3 —
Unconsolidated affiliate distributions 0.2 0.5 0.5
Other collections 9.9 1.1 10.8
Requirements for:
Capital expenditures, excluding AFUDC equity (365.8) (321.3) (277.2)
Business acquisition, net of cash acquired — (83.4) —
Other investments (1.2) (0.9) (3.1)
Net cash flows from investing activities (356.9) (319.7) (269.0)
Net change in cash & cash equivalents 10.9 (1.8) (1.5)
Cash & cash equivalents at beginning of period 8.6 10.4 11.9
Cash & cash equivalents at end of period $ 19.5 $ 8.6 $ 10.4
The accompanying notes are an integral part of these consolidated financial statements.