Consolidated Statements of Cash Flows

 
As of December 31,
In millions
2009
2008
2007
Cash flows from operating activities
Net income
$ 249
$ 237
$ 241
Adjustments to reconcile net income to net cash flow provided by operating activities
Depreciation and amortization (Note1)
158
152
144
Deferred income taxes (Note 8)
105
89
30
Change in derivative financial instrument assets and liabilities (Note 2)
11
(129)
74
Changes in certain assets and liabilities
Gas, unbilled and other receivables (Note 1)
108
(65)
(15)
Gas and trade payables
35
30
(35)
Accrued expenses
19
26
(34)
Inventories (Note 1)
(9)
(112)
46
Energy marketing receivables and energy marketing trade payables, net
(81)
10
(26)
Other – net
(3)
(11)
(48)
Net cash flow provided by operating activities
592
227
377
Cash flows from investing activities
Expenditures for property, plant and equipment
(476)
(372)
(259)
Other
6
Net cash flow used in investing activities
(476)
(372)
(253)
Cash flows from financing activities
Issuances of senior notes (Note 6)
297
125
Issuance of treasury shares (Note 1)
8
9
16
Distribution to noncontrolling interest (Note 5)
(20)
(30)
(23)
Dividends paid on common shares (Note 1)
(127)
(124)
(123)
Net payments and borrowings of short-term debt
(264)
286
52
Issuances of variable rate gas facility revenue bonds (Note 6)
161
Payments of gas facility revenue bonds (Note 6)
(161)
Payments of medium-term notes
(11)
Payments of trust preferred securities
(75)
Purchase of treasury shares (Note 1)
(80)
Other
1
(3)
Net cash flow (used in) provided by financing activities
(106)
142
(122)
Net increase (decrease) in cash and cash equivalents
10
(3)
2
Cash and cash equivalents at beginning of period
16
19
17
Cash and cash equivalents at end of period
$ 26
$ 16
$ 19
Cash paid during the period for
Interest
$ 93
$ 115
$ 127
Income taxes
50
27
118

See Notes to Consolidated Financial Statements.